Nigerian Exchange Group (NGX) admits Fidelity Bank’s Series 1 bond worth N41.2 billion

Fidelity Bank Plc

The Nigerian Exchange Group (NGX) has announced the successful listing of Fidelity Bank’s Series 1 bond worth N41.2 billion on its platform.

According to the official disclosure, the 10-year subordinated unsecured fixed-rate series 1 bond which is due to mature by 2031 was officially listed by the NGX on 20th of April, 2021.

Naijabusiness.com.ng can authoritatively confirm that the bond is part of a N100 billion debt issuance programme earlier announced by the bank. In the light of this, the proceeds are expected to be deployed to fund key activities which will ultimately translate in the development of the banking sector and the Nigerian economy at large.

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Commenting on the recent development, the CEO of Fidelity Bank Pl, Mrs Nneka Onyeali-Ikpe, believes that the use of the proceeds are in tandem with the organisation’s objective, she said: “The successful bond issuance highlights the confidence in the Fidelity brand, as well as our capability to expand our funding sources, and deliver innovative financial services to our esteemed customers.”

Recall that the aforementioned bond was first issued by Fidelity Bank on 7th of January, 2021, with a fixed rate of 8.5%. The initial issuance announced by the FMDQ platform came with a face value of N1, 000 and a tenor of 10 years.

As part of its N100 billion Debt Issuance Programme, Fidelity Bank in 2015  issued similar bond with a lower value of  N30 billion. Comparatively, the bond had a face value of N1000, tenor of 7 years and a coupon rate of 16.48%.

For more information about the recent disclosure, click HERE.