- Lagos Lists N244.82bn Bonds on NGX to Boost Long-Term Funding
- The Series III Green Bond is expected to mature in November 2030
- Market observers noted that the competitive yields, clearly defined tenors and transparent pricing structure make both instruments attractive
Lagos State has listed two new fixed-rate bonds on the Nigerian Exchange Limited (NGX), a move that analysts say strengthens investor confidence and expands access to long-term funding for infrastructure and development projects.
Eko Hot Blog reports that the dual listing, announced on Tuesday, comprises a Series III 5-Year 16 per cent Fixed-Rate Green Bond and a Series IV 10-Year 16.25 per cent Fixed-Rate Bond, both now trading on the NGX.
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The Series III Green Bond, which matures in November 2030, has an issue size of N14.82bn, represented by 14.815 million units at N1,000 per unit. With a fixed coupon rate of 16 per cent over a five-year tenor, the bond reflects Lagos State’s continued commitment to financing environmentally sustainable projects through green instruments.
The larger Series IV bond, due in November 2035, was issued at N230bn, comprising 230 million units priced at N1,000 each. It carries a 16.25 per cent fixed coupon over a 10-year period and is aimed at attracting long-term investors seeking stable and predictable returns.
Market observers noted that the competitive yields, clearly defined tenors and transparent pricing structure make both instruments attractive to institutional and retail investors, while also contributing to the growth of Nigeria’s domestic fixed-income market.
The listing underscores NGX’s role as a key platform for capital formation, offering issuers efficient access to long-term funding and providing investors with diversified debt instruments, including sustainable finance options.
By issuing both a green bond and a conventional long-term bond simultaneously, Lagos State is reinforcing its innovative approach to public sector financing and supporting the continued development of Nigeria’s debt capital market.
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