By investadvocate
Lagos (INVESTADVOCATE)-The Asset Management Corporation of Nigeria AMCON would Thursday April 21 2011 list N1.7 Trillion Bond on the Floor of the Nigerian Stock Exchange (NSE) in Lagos Nigeria.
The Nigeria’s Exchange would list AMCON’s N1.7 billion Zero Coupon Bond 2013 Series 1 at N1, 000.00 per share.
AMCON had completed the N1.7 trillion Bond Issuance two weeks ago; and this attracted yields below Government Treasuries.
The Asset Management Firm issued 3-year Zero-Coupon Bonds in three tranches. These include the first tranche of N1.15 trillion, which attracted a yield of 10.1%, the second tarnche was N20.7 billion issued through a Book Building process and the third was N535 billion issued to acquire additional Non-Performing Loans (NPLs) from 22 Banks. However, both the second and third tranches attracted yield of 11.8%.
AMCON was established in year 2010 to absorb bad bank loans, exchanging them for government-backed Bonds, in order to revamp the ailing Money Deposit Banks after a $4 billion bailout in year 2009.
