SAN FRANCISCO, January 05, (THEWILL) – The Debt Management Office (DMO) has disclosed that The Federal Government’s debut Sovereign Green Bond recorded N101 million (0.94 percent) oversubscription by investors.
This was contained in a statement issued by the DMO revealing that investors who subscribed to the Green Bond include banks, pension funds, asset managers and retail investors.
THEWILL recalls that the DMO had offered N10.69 billion Sovereign Green Bond for a Tenor of 5 years and Coupon of 13.48 percent which was rated ‘Excellent’ by Moody and was issued as part of the Federal Government’s new domestic borrowing in the 2017 Appropriation Act to finance three (3) Projects.
The Projects are Energising Education Programme, Renewable Energy Micro Utilities and Afforestation Programme.
Reacting to the over-subscription, it stated that it is pleased with the strong interest shown by investors adding that this showed investors’ interest in new products and support for the objective behind the issuance of the bond which is to invest in projects that will contribute to preserving the environment.
“The debut Sovereign Green Bond offered to the general public in December, 2017 was very well received by a wide range of investors,” it stated.
“At the close of the offer, the total subscription received was N10.791 billion compared to the N10.69 billion offered.
“It also shows support for the Paris Agreement on the Climate, which Nigeria has endorsed.”
The DMO expressed its commitment to providing products that meet the needs of investors for their portfolio preferences and to continue to promote financial inclusion.
