15.50 ONDO 14-FEB-2019

Series1
Issue Amount (₦’bn)27.00
Tenor (Year)7
Issue DateFeb. 14, 2012
Maturity DateFeb. 14, 2019
Coupon (%)15.50
Yield at Issue (%)N/A
Issue Price (₦)At par
CurrencyNigerian Naira
Coupon FrequencySemi-annual
Issue RatingA-/Agusto; A-/GCR
ISINNGODB2019S10
Use of ProceedsTo Finance Roads, Water, Educational and Healthcare Projects
RedemptionPar at maturity
Debt ServiceThe State has authorised monthly deductions of the sum of ₦315.00 million over the tenor of the Bonds, from the State’s share of statutory allocation from the Federation Account pursuant to an Irrevocable Standing Payment Order (ISPO) issued to the Accountant-General of the Federation. The monthly deductions from the State’s share of statutory allocation shall rise to ₦692.13 million from the 25th month. These sums shall be credited to the Series 1 Sinking Fund account on a monthly basis until maturity and utilized in servicing coupon and principal payment obligations of the Bonds from time to time
TrusteesSterling Asset Management and Trustees Limited, Mainstreet Trustees and Asset Management Company Limited and Intercontinental Trustees Limited
Tax ConsiderationExempted from Nigerian Tax
Offer DocumentPricing Supplement