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Wednesday, September 30, 2020
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Fidelity Bank to Issue up to 50b Bond in Fourth Quarter

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Nigerian mid-tier lender Fidelity Bank says that it plans to raise up to 50 billion naira from the local bond market to refinance existing debt before the end of the year.

Chief Operations and Information Officer Gbolahan Joshua told analysts in a call that part of the bond proceeds will be used to redeem a 30 billion naira bond issued at 16.48%.

Nigeria’s bond yields have fallen as a crash in oil prices, the West-African country’s major source of foreign earnings, has led to an exodus of foreign investors leading to high liquidity in local money markets.

Debt market yields have dropped from a high of 18% in 2017 and the one-year treasury bill is currently quoted at under 5%.

Fidelity Bank has said that it expects to see a 15% drop in its 2020 annual profits when compared with 2019, citing the impact of the coronavirus pandemic.

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