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News Update (December 7, 2011 08:13 AM...)

UBA issues N35b bond at 14%


Lagos (WorldStage Newsonline)-- United Bank for Africa (UBA), Africa global bank which operates in 19 African countries, on Wednesday said it had issued a N35 billion bond, the second tranche of its N400 billion debt issuance program.

The bank said in a notice that debt offer at 14 per cent coupon, which will mature in 2018, received a 100 percent subscription from six applications.

The first tranche, a N20 billion seven-year debt at 13 per cent, picked by local investors and pension funds have been listed on the Nigerian Stock Exchange.

The bank's bond issuance program, is aimed to raise its capital base and help boost lending.

Story by Nkechi Naeche (nkechinaeche@yahoo.com)

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