Lagos, Nigeria – The Nigerian Exchange Limited admitted N10 billion worth of NGN Gram Limited commercial paper across three tranches plus 296,464 additional units of Chapel Hill Denham’s Nigeria Infrastructure Development Fund, boosting fixed income depth and infrastructure investment options.
Okay News details Series 1 Tranches A (N809.3M, 182-day, 21.5% yield), B (N472.4M, 270-day, 23.0% yield), and dominant C (N8.72B, 364-day, 24.5% yield at 80.36% of par) under the N10B program, arranged by Comercio Partners Capital with Fidelity Bank as paying agent—85%+ longest tenor reflects yield lock-in appetite amid rate decline expectations.
Discount rates tightened between 19.4-19.7% showing competitive pricing; scrip dividends drove NIDF expansion from 1.196B to 1.197B units post-Q4 2025, letting investors opt units over cash to preserve fund liquidity while enhancing NGX trading volume.
Following Dangote Cement’s landmark N119.87B CP debut, NGN Gram’s listing accelerates corporate short-term funding via transparent market access versus costly bank loans, with commercial papers’ below-par sales redeeming at face value delivering predictable returns for institutions.
Investor shift to longer tenors signals rate cut bets as corporates navigate liquidity squeezes; dual admission underscores NGX’s fixed income expansion strategy channeling capital to infrastructure via NIDF while corporates tap efficient debt markets.
The structured issuance reinforces Nigeria’s capital market evolution, blending short-term corporate needs with long-term infra plays amid monetary transition.
