Nigerian Stock Exchange Lists FGN N15 Billion 7-Year Green Bond

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The Nigerian Stock Exchange(NSE) has listed the Federal Government of Nigerian (FGN) N15 billion Green Bond. The bond has a coupon rate of 14.50 per cent on June 13, 2019 and is due to mature on June 13, 2026.

This Series II Green Bond, issued to finance renewable energy, afforestation and transportation projects, followed the debut Sovereign N10.69bn Green Bond that was issued in December 2017 and listed on the NSE in July 2018.

Commenting on the listing, Head, Trading Business Division, NSE, Mr. Jude Chiemeka, said: “We are pleased to admit the Series II FGN Green Bond to our Green and Sustainable Bond Market. Our collaboration with the Ministry of Environment and the Debt Management Office(DMO) on deepening the green bond market, which dates back to 2016, reinforces the exchange’s commitment to position Nigeria as a financial center for green and sustainable financing. The recent partnership with the Luxembourg Stock Exchange (LuxSE) further demonstrates NSE’s passion to provide enabling environment for issuers and investors in the Nigerian capital market. The exchange will continue to work with key stakeholders in transitioning to a low-carbon and sustainable economy as well as develop innovative products and services in close collaboration with the market”.

Chiemeka, also congratulated the Honourable Minister of Environment and the management of the DMO on the successful issuance of a second green bond; a laudable feat in addressing environmental challenges and fostering sustainable financing in Nigeria.

Meanwhile, the stock market opened for the week on positive note as the NSE All-Share Index appreciated by 0.09 per cent to close at 26,559.10 on the back of gains recorded by Dangote Cement Plc, Dangote Flour Mills Plc and United Bank for Africa Plc. Market capitalisation added N11.5 billion to close at N12.9 trillion. Activity level rose as volume and value traded were up by 10.0 per cent and 82.5 per cent to 129.1 million units and N2.7 billion respectively.

The most active stocks by volume were GTBank (14.5 million shares), Transcorp Plc (9.9 million shares) and Zenith Bank Plc (8.3 million shares) while Nestle Nigeria Plc (N1.4 billion), GTBank (N387.3 million) and Dangote Cement Plc (N260.6 million) led by value.

In terms of sectoral performance, the NSE Insurance Index and NSE Industrial Goods Index appreciated by 1.8 per cent and 0.2 per cent respectively.

Conversely, the NSE Banking Index went down 0.03 per cent, while the NSE Oil & Gas Index and NSE Consumer Goods Index closed flat.

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