BoI plans $883m Eurobond sale

Bank of Industry concludes new C1bn landmark transaction

The Bank of Industry (BoI) has unveiled plans to raise 750 million euros ($883 million) from international debt markets this year.

The fund, coming through Eurobond sale, will be used for lending more to companies hampered by the COVID-19 pandemic.

BoI Chief Executive Officer Olukayode Pitan, said financial advisers have been appointed for the issue.

Read:  NCRIB unveils Bayeroas brand ambassador

The lender will raise “anywhere between 500 million to 750 million euros,” he said. The bond proceeds will be deployed to areas of priority including health care, transportation, education, solid minerals and agriculture, he said.

Read:  First Bank facilitates with Junior Achievement Nigeria on Nobel Peace Prize nomination

Nigerian companies have faced significant foreign exchange constraints after lower oil prices cut income from crude sales, which account for most of the nation’s dollar earnings in Africa’s most populous country.

The bond sales will boost reserves and also increase funding for companies whose businesses have been impacted by the country’s two recent economic contractions in 2016 and last year.

Read:  Ardova grows profit before tax by 107% to N1.2bn in 3 months

The bond will be the lender’s fourth international debt deal since 2018 and comes on the back of the government’s appointment of financial earlier this month for a planned $6.2 billion Eurobond issuance.


Related posts

Standard Chartered to launch crypto exchange services


Carbon introduces new online service into banking app


Naira Swap: CBN portal for old notes still open


MTN Nigeria Posts N269bn PAT In First Nine Months Of 2022


Dangote refinery gets another one million crude barrels


Zenith retains position as Nigeria’s winner in Global Finance Best Banks Awards 2022


Leave a Comment