In its most recent issuance the Series 4 and 5, it plans to raise N50 billion each at 23 per cent for the six month tenor and 25 per cent for nine months.
The offer which opened on
The Company is a subsidiary of
Since
In Series 1, N39.39 billion worth of the CPs were issued at a discount rate of 17.08 per cent and a tenor of 266 days.
For Series 2, N6.15 billion of the CPs were issued at a 19.81 per cent discount rate and a tenor of 184 days. In Series 3, N53.47 billion worth of the CPs were issued at 21.30 per cent and a tenor of 254 days.
Since the initial increase in benchmark interest rates by 600 basis points to 24.75 per cent by the Cardoso led
This is because government securities have since witnessed strong investor demand as the true yield on treasury bills went as high as 27 per cent and now average 26 per cent.
The FGN Savings Bonds are currently issued at stop rates of over 19 per cent.
It also caused Nigerian banks to increase their lending rates, making businesses and individuals with existing loan facilities with the banks pay more to service those loans.
Today the Monetary policy committee increased rates by 150 basis points to 26.25 per cent further pushing rates across investment instruments high.
He said with rates on federal government instruments currently at an average of 19 per cent, it means that corporations must offer a more competitive rate on their instruments to attract investors.
Last week
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