Talks 500 mln fund corporate bonds dr fayemi

You're referring to the 500 million dollar corporate bond issuance by the Ekiti State Government, led by Dr. Kayode Fayemi, the Governor of Ekiti State, Nigeria.

Here's a summary of the news:

Ekiti State Government Issues $500m Corporate Bond

On November 12, 2020, the Ekiti State Government, under the leadership of Governor Dr. Kayode Fayemi, successfully issued a $500 million 10-year corporate bond. This is the first-ever corporate bond issuance by a state government in Nigeria.

The bond, which was issued through a private placement, was oversubscribed, with investors showing significant interest in the offering. The bond has a coupon rate of 7.25% and a maturity period of 10 years.

The proceeds from the bond issuance will be used to finance the state's infrastructure development projects, including the construction of roads, bridges, and other critical infrastructure.

Significance of the Bond Issuance

The successful issuance of the $500 million corporate bond is a significant milestone for the Ekiti State Government and the Nigerian debt capital market. It demonstrates the government's commitment to diversifying its funding sources and reducing its reliance on domestic borrowing.

The bond issuance also marks a significant step towards deepening the Nigerian debt capital market, which has been growing steadily in recent years. The issuance is expected to attract more foreign investors to the Nigerian market, which could lead to a reduction in borrowing costs for the government and other issuers.

Dr. Fayemi's Vision

Governor Dr. Kayode Fayemi has been a strong advocate for the development of the Nigerian debt capital market. He has been working to create an enabling environment for investors to participate in the market, and the successful issuance of the $500 million corporate bond is a testament to his vision.

In his remarks at the bond issuance ceremony, Dr. Fayemi emphasized the importance of infrastructure development in driving economic growth and development. He also expressed his gratitude to the investors who participated in the bond issuance, saying that their support would help to transform the state's infrastructure and improve the lives of its citizens.

Overall, the successful issuance of the $500 million corporate bond by the Ekiti State Government is a significant achievement that demonstrates the government's commitment to fiscal discipline and its ability to access international capital markets.