BOND ISSUANCE PROGRAMME:

KEY ACHIEVEMENT TO DATE (2007-2022)

Programme 1 & 2

After the successful redemption of the N15billion floating rate Bond Issuance Programme in Year 2008, the State Government initiated and commenced the multi-tranche N275billion Bond Issuance Programme under which the:

Description Amount Issued Coupon rate Tenor Year of Issuance Lead Financial Adviser Trustees Status
Tranche 1 N50billion 13% 5 years February, 2009 Chapel Hill Advisory Partners Limited UBA, FBN, Skye & Union Trustees Redeemed
Tranche 2 N57.5billion 10% 7 years April, 2010 Chapel Hill Advisory Partners Limited UBA, FBN, Skye & Union Trustees Redeemed
Tranche 3 N80billion 14.5% 7 years November, 2012 Chapel Hill Advisory Partners Limited UBN, FBN, Skye & Union Trustees Redeemed
Tranche 4 N87.5billion 13.5% 7 years November, 2013 Chapel Hill Advisory Partners Limited UBA, FBN, Skye, Union CSL, Sterling & Radix Trustees Redeemed
1

Programme 1, Series1

N50billion Bond 13% 5 years was issued in February, 2009
2

Programme 1, Series 2

N57.5billion Bond 10% 7 years was issued in April, 2010
3

Programme 2, Series 1

N80billion Bond 14.5% 7 years was issued in November, 2012
4

Programme 2, Series 2

N87.5billion Bond 13.5% 7 years was issued in November, 2013

Programme 3

Furthermore, Lagos State Government registered the N500billion Bond Issuance Programme in Year 2016, a third Bond Issuance Programme in its series of Bond Issuances, under which N244.387bn has been issued to date as follows:
Description Amount Issued Coupon rate Tenor Year of Issuance Lead Financial Adviser Trustees Status
Series 1 N47billion 16.5% 7 years December, 2016 Chapel Hill Advisory Partners Limited UBA, FBN, Skye & Union Trustees Redeemed
Series 2, Tranche 1 N46.37billion 16.75% 7 years August, 2017 Chapel Hill Advisory Partners Limited UBA, FBN, Skye & Union Trustees Redeemed
Series 2, Tranche 2 N38.77billion 17.25% 10 years August, 2017 Chapel Hill Advisory Partners Limited UBN, FBN, Skye & Union Trustees Active
Series 2, Tranche 3 N6.911billion 15.60% 7 years January, 2018 Chapel Hill Advisory Partners Limited UBA, FBN, Skye, Union CSL, Sterling & Radix Trustees Redeemed
Series 2, Tranche 4 N5.336billion 15.85% 10 years January, 2018 Chapel Hill Advisory Partners Limited UBA, FBN, Skye, Union CSL, Sterling & Radix Trustees Active
Series 3 N100billion 12.25% 10 years January, 2020 Chapel Hill Advisory Partners Limited UBA, FBN, Skye, Union CSL, Fcmb, PAC, Stanbic  Sterling & Radix Trustees Active
Series 4 N137.328billion 13% 10 years December, 2021 Chapel Hill Advisory partners Limited UBA, FBN Quest, Radix, Apel, STL, ARM, Paxhill, Sterling Active
1

Programme 3, Series 1

N47billion Bond 16.5% 7 years was issued in December, 2016
2

Programme 3, Series 1

N47billion Bond 16.5% 7 years was issued in December, 2016
3

Programme 3, Series 2, Tranche 1

N46.37billion Bond 16.75% 7 years was issued in August, 2017
4

Programme 3, Series 2, Tranche 2

N38.77billion Bond 17.25% 10 years was issued in August, 2017
5

Programme 3, Series 2, Tranche 3

N6.911billion Bond 15.60% 7 years was issued in January, 2018
6

Programme 3, Series 2, Tranche 4

N5.336billion Bond 15.85% 10 years was issued in January, 2018
7

Programme 3, Series 3

N100billion Bond 12.25% 10years was issued in January, 2020
8

Series 4

N 137.328bn Bond 13% 10 years bond was issued in December 2021

All the Bond Issuances were actively patronized by investors; the last N100bn Bond which was the largest Bond Issuance by a Sub-national was massively over-subscribed which is a testament to high level of investor confidence in the present Administration. The Bond proceeds has contributed positively towards economic and social growth development while bridging Infrastructural deficit in the State.