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PAC Trustees in Joint Trusteeship as Lagos seals N100bn Fixed Rate Bond Issuance

PAC HOLDINGS > Events > PAC Trustees in Joint Trusteeship as Lagos seals N100bn Fixed Rate Bond Issuance
Lagos State Series III Signing Ceremony- Joint Trustees with Governor Babajide Sanwo Olu

At a historic signing ceremony held on Wednesday 29 January, at the Banquet Hall at the State House in Alausa, PAC Trustee alongside Governor Sanwa-Olu, investors and other issuing parties put the final ink in the Lagos State N100,000,000,000 (One Hundred Billion Naira) Fixed Rate Bond Issuance as a Joint Trustee.

This Bond issuance is the Series III of the N500,000,000,000.00 Bond Issuance Programme which the Lagos State Government commenced in 2016.

The amount raised in this Series is the largest amount ever to be raised by a Subnational. This Series was raised by way of book building and offers a coupon rate of 12.25%.

The Bond issuance is also the first Subnational bond with a ten (10) year tenure and will mature in 2030.

It is an achievement for PAC Trustees to be part of this remarkable transaction.