Ebonyi State plans N20b bond
Ebonyi State plans
a 20 billion naira bond to finance infrastructure development, the lead
issuing house said on Wednesday, the latest of several states to
announce bond plans in recent months.
Cowry Asset
Management said the bond would be a 5-year paper issued in two tranches
of 16.5 billion naira and 3.5 billion naira before the end of the
month. It said the bond would have a coupon of 13 percent.
The issuing house
said the south-eastern state would use the proceeds to repay existing
bank loans, build an international market, water project, roads,
bridges, an international hotel and a rice processing factory.
The state is awaiting exchange commission’s approval for the bond.
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