World Bank Launches Bond in Nigerian Naira
Washington, DC, August 24, 2012 – Today, the World Bank (International Bank for Reconstruction and Development, rated Aaa/AAA) announced a Nigerian Naira (NGN) 3.25 billion 1-year fixed rate bond. The notes mature on October 30, 2013 and have an annual coupon of 13%.
This transaction is consistent with the World Bank’s strategy of offering bonds in a variety of currencies and maturities, in response to investor demand.
The sole lead-manager for the transaction is J.P. Morgan Securities plc.
Amount: NGN *3.25 billion
Settlement date: September 4, 2012
Maturity date: October 30, 2013
Issue price: 100%
Coupon: 13% annual
Denomination: NGN 1,000,000
Listing: Luxembourg Stock Exchange
Clearing systems: Euroclear and Clearstream
*On August 29, 2012, the transaction was revised due to an increase (NGN 4,000 billion).
On September 13, 2012, IBRD agreed to increase the principal amount with a second tranche in the amount of NGN 1.75 billion with an issue price of 100.85% (settlement date: September 24, 2012). On October 5, 2012, IBRD agreed to increase the principal amount with a third tranche in the amount of NGN 2 billion with an issue price of 101.5% (settlement date: October 12, 2012).The new total outstanding principal amount is NGN 7.750 billion.
About the World Bank
The World Bank (International Bank for Reconstruction and Development, IBRD), rated Aaa/AAA (Moody’s/S&P), is an international organization created in 1944. It operates as a global development cooperative owned by 188 nations. It provides its members with financing, expertise and coordination services so they can achieve equitable and sustainable economic growth in their national economies and find effective solutions to pressing regional and global economic and environmental problems. The overriding goal is to achieve major, sustainable improvements in standards of living worldwide. It has been issuing bonds in the international capital markets for over 60 years to fund its activities.
Information for investors is available on the World Bank Treasury website: (www.worldbank.org/debtsecurities).
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