By InvestAdvocate

Lagos (INVESTADVOCATE)- Zamfara State has issued a seven-year bond at a fixed rate of 17 percent to raise N7 billion ($35 million) for infrastructure projects, the lead issuing house FBN Capital said on Wednesday,  according to Reuters report.

The report affirmed Zamfara State which relies on agriculture launched a N30 billion debt programme to help it develop its infrastructure, its advisers said, adding that the first tranche was underwritten on a standby basis.

The report says bond yields fell below 10 percent across maturities as secondary market trading started on Wednesday, a day after the central bank announced a surprise interest rate cut aimed to stimulate lending in Africa’s biggest economy.

The report further affirmed that in August and September, the Debt Management Office (DMO) restructured commercial bank loans to 13 cash-strapped states to reduce a growing backlog of domestic debt against falling oil revenues.