Stanbic IBTC Capital Limited has established a N300 billion Domestic Bond Programme for the African Export-Import Bank (Afreximbank).
Afreximbank, a multi-product partner of Stanbic IBTC and the Standard Bank Group is one of Africa’s largest Developmental Finance Institutions and a seasoned issuer in the international capital markets.
Stanbic IBTC Capital, a subsidiary of the Stanbic IBTC Holdings PLC, at the signing of the agreement noted that the establishment of the debt issuance programme in the Nigerian capital market by Afreximbank makes it the third supranational ever to join an elite group of Nigeria’s development partners, enabling the domestic capital market.
According to the firm, it is vital to establish the Bond Programme in the local currency, considering the strong liquidity and current low yields in the domestic market.
“This initiative by Afreximbank aligns with global best practice in treasury management and innovation to stay abreast of evolving market conditions. It will aid in stimulating the expansion and development of Nigeria, through the intervention in various sectors of the Nigerian economy.
The transaction was consummated in the presence of members of the Stanbic IBTC team, members of the Afreximbank Executive management team, representatives from the Nigerian Stock Exchange and FMDQ OTC Plc, amongst others.