The Bank of Industry (BOI) has revealed that its N250 billion maiden domestic bonds have been oversubscribed in five days following strong demand from institutional investors.
BOI said in a statement that: “Confidence in the Bank of Industry Limited (BOI) and the ability of Nigeria’s domestic capital market to finance long-term economic development received a significant boost as BOI’s maiden N250 billion Series 1 Fixed Rate Bond closed oversubscribed.”
Giving details of the transaction, BOI said the transaction was issued through BOI Financing SPV Plc under the Bank’s US$1 billion Multi-Currency Instruments Programme, following strong demand from a diverse pool of institutional investors.
It said the Nigeria Sovereign Investment Authority (NSIA) and International Finance Corporation (IFC) were among the institutional anchors.
Pension Fund Administrators, banks, development finance institutions, corporates and other institutional investors also participated in the offer
Olasupo Olusi, BOI managing director (MD) and chief executive officer (CEO), said the demand showed that the domestic capital market could provide long-term funding for productive investment.
