FCMB Capital Markets Limited has acted as Joint Issuing House and Bookrunner on the ₦274.19 billion Series 1 Development Bond issued by the Bank of Industry (BOI), in one of the largest sub-sovereign bond issuances through Nigeria’s capital market.
The five-year, 17.60 per cent fixed-rate bond, due in 2031, was issued through BOI Financing SPV Plc under the bank’s $1 billion Multi-Currency Instruments Programme.
Initially priced at ₦250 billion, the transaction was oversubscribed following strong demand from institutional investors.
BOI subsequently exercised its green shoe option to accommodate the additional demand, increasing the final issuance to ₦274.19 billion.
FCMB Capital Markets advised on key aspects of the transaction, including distribution strategy, book-building and investor engagement.
Participating investors included pension fund administrators, banks, development finance institutions, corporates and other institutional investors.
Commenting on the transaction, Managing Director of FCMB Capital Markets Limited, Ikechukwu Omeruah, said the deal demonstrated the depth of Nigeria’s domestic debt capital market and its capacity to mobilise large-scale funding for development.
“This transaction highlights the depth of Nigeria’s domestic debt capital market and its capacity to mobilise funding for development on a large scale,” he said.
Omeruah added that by helping BOI access a broad pool of institutional investors, FCMB Capital Markets contributed to a transaction that would strengthen the bank’s capacity to finance businesses and projects across priority sectors.
“The strong investor response reflects confidence in BOI and growing demand for credible instruments that connect institutional capital with Nigeria’s economic priorities. We appreciate BOI’s board and management for the opportunity to partner with the Bank and for the confidence placed in FCMB Capital Markets on its debut issuance through Nigeria’s domestic debt capital market. This financing is expected to support productive capacity, job creation, local value addition, and economic diversification.
The transaction reinforces FCMB Capital Markets’ role in supporting governments, financial institutions, and companies to structure and access funding through Nigeria’s capital market.
About FCMB Capital Markets Limited
FCMB Capital Markets Limited, the investment banking subsidiary of FCMB Group Plc, is registered with the Securities and Exchange Commission as an issuing house and financial adviser. The firm offers debt and equity capital raising, financial advisory, project and structured finance, mergers and acquisitions, and restructuring services.
