Stanbic IBTC Capital Limited, a subsidiary of the Stanbic IBTC Holdings PLC, has established a ₦300 billion Domestic Bond Programme for the African Export-Import Bank (Afrexim bank). The signing ceremony which held at Eko Hotel & Suites, marked the official kick-off of the initiative.
Afrexim bank, a multi-product partner of Stanbic IBTC and the Standard Bank Group, is one of Africa’s largest Developmental Finance Institutions and a seasoned issuer in the international capital markets.
The establishment of the debt issuance programme in the Nigerian capital market by Afrexim bank makes it the third supranational ever to join an elite group of Nigeria’s development partners, enabling the domestic capital market. It is vital to establish the Bond Programme in local currency, considering the strong liquidity and current low yields in the domestic market.
This initiative by Afrexim bank aligns with global best practice in treasury management and innovation to stay abreast of evolving market conditions. It will aid in stimulating the expansion and development of Nigeria, through the intervention in various sectors of the Nigerian economy.
The transaction was consummated in the presence of members of the Stanbic IBTC team, members of the Afrexim bank Executive management team, representatives from the Nigerian Stock Exchange and FMDQ OTC Plc, amongst others.
Stanbic IBTC Capital Limited remains fully committed to developing the Nigerian capital markets and has been at the forefront of driving financial innovation and advising clients on staying ahead of changing times.