June 19, (THEWILL) – The Bank of New York Mellon Corporation (BNY Mellon), in collaboration with Standard Bank Group, has launched a Global Depositary Notes (GDN) programme backed by Nigerian sovereign debt instruments denominated in naira.
In a statement published on its website on Wednesday, June 18, BNY Mellon said the new GDN structure offers investors a simplified and direct channel to access high-yield, local currency Nigerian government bonds.
The GDNs will be supported by multiple Standard Bank entities, including Standard Advisory London Limited, The Standard Bank of South Africa Limited (SBSA), and Stanbic IBTC Bank PLC.
The collaboration combines Standard Bank’s deep regional expertise with BNY Mellon’s global investment infrastructure to open up Nigeria’s local currency bond and treasury bill markets to international investors.
The GDNs will be issued in two formats per bond — Regulation S and Rule 144A — and will be eligible for settlement through Euroclear and Clearstream.
Chris Kearns, Global Head of Depositary Receipts at BNY Mellon, said the initiative aims to unlock Africa’s investment potential while advancing the development of capital markets across the continent.
Kearns said: “This initiative reflects both institutions’ commitment to unlocking investment potential across Africa and delivering innovative solutions that support capital market development.
“We look forward to building on this foundation and expanding access to other key markets across the region.”
Sola Adegbesan, Head of Client, Africa Regions & International Global Markets at Standard Bank, described the GDN programme as a significant step toward making Nigerian debt instruments more accessible to global investors.
Adegbesan said, “As a bank with African roots and global reach, we are proud to introduce this innovative solution, which offers a simplified and accessible entry point into the Nigerian market — presenting investors with a compelling opportunity to invest in one of Africa’s most dynamic economies.
“We believe GDNs will ultimately benefit Nigeria and the wider West African region.”
BNY Mellon, headquartered in New York City, is a global financial services company that helps manage, move, and safeguard money.
With a legacy spanning more than 240 years, the institution supports clients worldwide in achieving their financial ambitions.
Standard Bank Group is the largest African bank by assets, operating in 20 African countries, four global financial centres, and two offshore hubs. It is headquartered in Johannesburg, South Africa.
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