Nigeria’s state bad bank AMCON has closed a book building and priced 1.7 trillion naira ($11 billion) in 3-year zero coupon bonds with an 11.8 percent yield, the lead issuing house said on Wednesday.

The issue is in three tranches. The first 1.15 trillion naira tranche was issued to exchange for AMCON consideration bonds issued in December to absorb non-performing loans from 21 Nigerian banks.

The second 20.7 billion naira tranche was issued via a book building which opened on Friday and was oversubscribed, while the third 535 billion naira tranche was issued to acquire additional non-performing loans from 22 lenders.

Source: Reuters