GTBank and 3 Other Banks Raise $1.45Bn from International Capital Markets

Guaranty Trust Bank Plc., First Bank of Nigeria Plc., Access Bank Plc., and Fidelity Bank Plc. have raised $1.45 billion (N227.65 billion) from the creation of sovereign benchmark in the International Capital Market, ICM, the Debt Management Office, DMO, has announced. The News Agency of Nigeria, NAN, reported that Abraham Nwankwo, the DMO Director-General, disclosed this at a one-day retreat on “Opportunities for the Private Sector from Public Debt Management”, to financial journalists in Lagos. Mr. Nwankwo said that the amount was raised between January 2011 and July 2013. He also said that DMO will continue to strengthen and deepen the FGN Bond for enhanced liquidity through the issuance of benchmark bonds and introduction of other varieties of debts instrument. “DMO would soon float N80 billion FGN bonds in form of Global Depository Notes,  GDN, and 100 million dollars (N15.7 billion) worth of Nigerian Diaspora Bond to strengthen Nigeria’s presence in the International Capital Market,” he said. Developments in the nation’s bond market  led to increased foreign exchange in flows, growth in external reserves and stability of the Naira. Foreign investor holdings in FGN securities amounted to $5.11 billion as at December 31, 2012 compared to about 500 million dollars as at January, 2012.