Standard Chartered successfully completes IFC’s N12 billion “Naija” Bond Issuance

Standard Chartered Bank (“Standard Chartered”) has announced that it has successfully completed a N12.0 billion ($76 million equivalent)Senior Unsecured Fixed Rate Notes issuance due 2018 for the International Finance Corporation, a member of the World Bank Group.

This is a landmark transaction, achieving a number of significant milestones, including being the first onshore issuance in the Nigerian Naira market by an international issuer and the lowest spread achieved for an onshore issuance in the Nigerian Naira market.

As such, IFC has established a benchmark for other international issuers to tap the growing Naira market. The order book saw excellent support from a range of high quality accounts allowing the deal to be upsized from the initial launch size of N 7.8 billion ($50 million equivalent) to N 12.0 billion (approximately $76 million equivalent). Commenting on the bond, Bola Adesola, chief executive officer of Standard Chartered Bank Nigeria Limited said, “We are excited to be part of this landmark transaction which breaks the glass ceiling in capital markets dealing for Nigeria. We believe this is a turning point for domestic growth and development in our local economy”.

Standard Chartered Bank is the Lead Issuing House and Lead Book runner for this bond. Proceeds from the bond will be used by the IFC to support its private sector development program. Chapel hill Advisory Partners were Joint Lead Issuing House and Joint Book runner on the transaction