The Debt Management Office (DMO) Thursday announced that the debut Sovereign Green Bond offered to the general public in December, 2017 was successful as it was very well received by a wide range of investors.
According to DMO, at the close of the offer, the total subscription received was N10.791 billion compared to the N10.69 billion offered.
“Among the investors who subscribed to the green bond were banks, pension funds, asset managers and retail investors,” the debt agency said.
The DMO had offered N10.69 billion Sovereign Green Bond for a tenor of five years and coupon of 13.48 percent per annum.
“The DMO is pleased with the strong interest shown by investors. It shows investors’ interest in new products and support for the objective behind the issuance of the bond which is to invest in projects that will contribute to preserving the environment. It also shows support for the Paris Agreement on the Climate, which Nigeria has endorsed,” it said.
The green bond which was rated ‘Excellent’ by Moody’s, was issued as part of the federal government’s new domestic borrowing in the 2017 Appropriation Act to finance three Projects including Energising Education Programme, Renewable Energy Micro Utilities and Afforestation Programme.