Nigeria green bond

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Nigeria’s NGN-10.69bn green bond slightly oversubscribed

Nigerian Naira. Photo by:BobRyskamp. License: Creative Commons. Attribution 2.0 Generic.

January 5 (Renewables Now) – Nigeria’s inaugural green bond issue has attracted NGN 10.79 billion (USD 29.9m/EUR 24.8m) worth of subscriptions, exceeding a bit the offered amount of NGN 10.69 billion.

Banks, pension funds, asset managers and retail investors took part in the offering, Nigeria’s Debt Management Office (DMO) announced on Thursday at the close of the offer. The placement of five-year bonds with an annual coupon of 13.48% was launched on December 20.

The bonds, assigned a green bond assessment of GB1 (Excellent) by Moody’s, listed on the Nigerian stock exchange and the FMDQ OTC securities exchange.

The issuance is the first tranche of a NGN-150-billion green bond programme. As previously announced, the raised funds will go for renewable energy and afforestation projects in Nigeria. The country has a goal of installing 2 GW of renewables capacity by 2020 and cutting its carbon dioxide (CO2) emissions by 20%.

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