IFLR1000

Nigerian Mortgage Refinance Company's (NMRC) N140 billion MTN programme

21/4/2015
Investment grade bond/note issue, Bond/note programme
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N 140 billion

$ 440.945 million

Completed

21/4/2015

Overview:

  • The Nigerian Mortgage Refinance Company's (NMRC) successfully implemented its N140 million MTN programme. 
  • The company listed N8 billion of 14.9% notes due 2030 to the Nigerian Stock Exchange, the first under the programme.
  • The notes were backed by the Federal Government of Nigeria and given a national rating of AAA.
  • The NMRC was established with help from the World Bank to try and ignite the mortgage industry in Nigeria. 
  • This was the first MTN issuance of its kind in Nigeria. 

John Crabb - Journalist 

Jurisdiction:

Nigeria

Deal types:

Investment grade bond/note issue
Bond/note programme

Practice area:

Capital markets : Debt

Governing law:

Nigeria

Industry sector:

Financial services

Firms:
Detail Commercial Solicitors

Party: Nigerian Mortgage Refinance Company's (NMRC) (Issuer)

Lawyer: Ayuli Jemide

G Elias & Co

Party: Stanbic IBTC Trustees (Note Trustee)

Party: Skye Trustees (Note Trustee)

Lawyers: Gbolahan Elias, Segun Omoregie

Olaniwun Ajayi

Party: Dunn Loren Merrifield Advisory Partners (Originator)

Lawyers: Anuoluwapo Balogun, Seye Opasanya, Wolemi Esan

Perchstone and Graeys

Party: FBN Trustees (Security trustee)

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