Fidelity bank lists N41.2 billion series 1 bond on NSE

Fidelity Bank has announced the listing of its N41.21 billion, 8.5% fixed rate unsecured subordinated bond on the Nigerian Stock Exchange (NSE).

This was contained in a disclosure signed by the bank’s secretary, Ezinwa Unuigboje, and published on the NSE.

According to the disclosure, the bank announces to the general public that its N41.21 billion 10 years 8.5% subordinated unsecured fixed-rate series 1 bonds, which was issued on 7th January 2021, and is due by 2031 has been listed on the daily official list of NGX.

Recall that Nairametrics had reported that FMDQ Securities Exchange Limited announced the successful listing of the Series 1 bond earlier in March 2021, under its N100 billion debt issuance.

Fidelity Bank had revealed in 2020, plans to issue up to N50 billion in local bonds by Q4 2020 in order to refinance existing debts.

The disclosure was made by the Chief Operations and Information Officer, Gbolahan Joshua, during an analyst call in September 2020 as reported by Nairametrics.

He stated that the new issue will be made to redeem the existing N30 billion bond which was issued at 16.48% rate.

What you should know

The allotment of the bonds will be effected by way of e-allotment to successful allottees. The disclosure published earlier in February stated that the Registrars, First Registrars, and Investor Services Limited will credit the respective Central Securities Clearing System (CSCS) accounts of successful allottees with the allotted bonds.

As part of its N100 billion bond issuance programme, Fidelity Bank Plc had earlier issued a N30 billion Fixed Rate Subordinated Unsecured Bond on the FMDQ Exchange platform in 2015. The bond had a face value of N1000, tenor of 7 years, and a coupon rate of 16.48%.