Chapel Hill Advisory Partners Limited, the Lead Financial Adviser/Book Runner completed Tranche II of the Lagos state
N275 Billion Debt Issuance Programme on Monday, April 19, 2010.
Lagos State was looking to raise
N50 Billion by way of a “Book Build” for the 7 year tranche and received tremendous interest with the book closing at a market clearing rate of 10% per annum and bids totaling N174.35 Billion, an over-subscription of over 249%. Tranche II was upsized to N57.5 Billion.
Lagos State Governor, His Excellency, Mr. Babatunde Raji Fashola, SAN, noted that “the State had recorded a number of firsts by this Bond Issuance: the first to issue a bond without an Irrevocable Standing Payment Order (ISPO) and the first to undertake an offering by way of a Book Build.” The Honorable Commissioner for Finance, Rotimi Oyekan, declared “the success of this issuance reaffirms all stakeholders’ commitment to the vision of the State.”
‘Bolaji Balogun, the Group CEO of Chapel Hill Denham announced “Chapel Hill Denham is delighted to be part of another monumental occasion in the state’s history. Lagos State as expected continues to be the pace setter among sub-national issuers in the domestic capital markets. ”
Chapel Hill Advisory Partners Limited is the investment banking business of the Chapel Hill Denham Group, the leading independent investment banking firm in Nigeria. The Group is headquartered in Lagos, Nigeria, and has offices in Abuja. Chapel Hill Advisory Partners Limited is registered by the Securities and Exchange Commission as an Issuing House and Market Maker.