SEC approves IFC’s N100bn bond for development

The Securities and Exchange (SEC) has approved the plan by the International Finance Corporation (IFC) to raise local denominated bonds worth N100 billion. Ms Mary Uduk, SEC’s Director, Securities and Investment Services, announced this on Thursday in Abuja on the sidelines of SEC’s Journalists’ Academy 2012. According to her, the bond is for private sector development and IFC had started the process of `book building’ to determine the tenor and issuing rate for the paper. Book building is the process of determining tenor, rates and absorbing capacity of the market. “The proceeds would be used to support private sector activities, onward lending to local banks and promote capital market development,’’ Uduk said. The Nigerian bond market has continued to attract foreign investors since the inclusion of its bond in the JP Morgan Index in October.