Dangote, Taj Bank, FG lift NGX corporate bond listing to N112bn in Q1

The corporate bond trading section of the Nigerian Exchange Limited (NGX) has recorded N112.42 billion bond listings in the first quarter of this year.

Major corporate listing of senior unsecured bonds came from Dangote Industries Funding Plc and N31.36 billion in Sukuk issuances from Taj Bank and Family Homes under their respective Sukuk Issuance programmes.

The NGX saw N11.23 billion in Federal Government of Nigeria bond listings which constituted FGN savings bonds with maturities ranging between 2024 and 2026, according to a recent report.

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Similarly, the Lagos State Government issued the only bond by a sub-sovereign entity with its N137.33 billion series 1V, 10-year 13 percent, fixed-rate bonds due 2031 under its N500 billion debt issuance programme.

The report also indicates FGN savings bonds are safe and backed by the credit of the Federal Government of Nigeria, with quarterly coupon payments to bondholders.

Also, Meristem Stockbrokers Limited came first in the top five rankings of Fixed Income (FI) transactions by value in the first quarter.

The firm occupied 16 per cent of the total value of trades with N143.71 million.

Others are Arthur Stevens Asset Management, with N132.91 million, APT Securities traded N86.94 million, while SMADAC Securities and Apel Asset Ltd transacted N82.21 million and N59.15 million respectively.

With its various initiatives, NGX aimed at bringing retail investors by creating awareness of the FGN savings bond product to enhance participation and liquidity of FGN bonds in the secondary market.

It will be recalled that the DMO, on behalf of the Federal Government of Nigeria, launched a retail investment program tagged “FGN) Savings Bond” to help enhance the savings culture among Nigerians while providing all citizens irrespective of income level, an opportunity to contribute to national development.

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