MTN Nigeria opens 100 billion naira Series one bond issuance
MTN Nigeria has opened a Series one bond of up to 100 billion naira under its 200-billion-naira Bond Issuance Programme. This comes as the Nigerian subsidiary of the South African Mobile telecommunications company also announced the completion of its Series III and Series IV Commercial Papers. Lanre Buluro, Managing Director of Chapel Hill joins CNBC Africa to assess the appetite for corporate bonds in Nigeria.
Mon, 12 Apr 2021 14:09:47 GMT
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AI Generated Summary
- MTN Nigeria's series one bond issuance of 100 billion naira reflects the company's strategy to diversify funding sources and reduce borrowing costs.
- The positive market reception to MTN's bond issuance underscores confidence in the company's financial performance and credit rating.
- Proceeds from the bond issuance will primarily be allocated to infrastructure investment, network expansion, and technological development to support growth and customer base expansion.
MTN Nigeria recently made headlines by opening a series one bond of up to 100 billion naira under its 200-billion-naira Bond Issuance Programme. This move comes as the Nigerian subsidiary of the South African Mobile Telecommunications Company also announced the completion of its series 3 and series 4 commercial papers. Lanre Buluro, Managing Director of Chapel Hill Denham, provided expert insights on the current state of the market and the appetite for corporate bonds in Nigeria during a CNBC Africa interview. The interview shed light on various aspects of MTN's strategic financial decisions and the overall outlook for corporate bond issuances in Nigeria. The market's reception to MTN's bond issuance has been positive, reflecting confidence in the company's strong financial performance and credit rating. Through this bond issuance, MTN aims to diversify its funding sources and reduce borrowing costs. The company's focus on infrastructure investment and technological development aligns with the intended use of the bond proceeds, which will primarily support network expansion and growth initiatives.
