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Home Business News

Lagos State raises N85 billion in bonds at 17% interest rate

Onome Ohwovoriole by Onome Ohwovoriole
August 14, 2017
in Business News, Politics
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Lagos state commissioner of finance, Akin Ashade has confirmed that the state has raised N85 billion in bonds to fund environmental and infrastructure projects. The bonds raised are part of a N500 billion bond programme approved by the state house of assembly last year. N50 billion was raised last year bringing the total amount raised so far to N135 billion.
Here are highlights about the bond raise

  • A total of N85 billion was raised.
  • N46.3 billion was raised through a 7 year bond at 16.75%
  • N38.75 billion was raised in a 10 year bond at 17.25%

Interest rates on the bond are above inflation

Interest rates on the bonds show they are higher than current inflation rates as well as interest rates paid by the federal government. National Bureau of Statistics (NBS) Consumer Price Index put inflation at 16.1 % while the federal government’s last bond raise was at 16.2%. Companies intending to raise funds may have to offer an even higher interest rate to attract investors.

The push for higher interest rates rise could also be a reflection of waning appetite for debt by investors and a possible rise in inflation. The stock market has recently rallied, fuelled by renewed interest from foreign investors and a change in fund allocation rules by pension fund administrators (PFAs). Year to date, the All Share Index is up almost 40%. While inflation has trended downwards in recent months, some analysts believe the drop is due to a high base effect (this means inflation went up massively last year) and inflation rates could go up again due to planned increases in energy costs and increase in food prices.

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Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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