Fidelity Bank Lists Over N41 Billion Series 1 Bond On NSE

Fidelity Bank Plc announced on Wednesday the listing of its N41.21 billion, 8.5% fixed rate unsecured subordinated bond on the Nigerian Stock Exchange (NSE).

The Tier 2 lender made the announcement through a public disclosure signed by the bank’s secretary, Ezinwa Unuigboje, and published on the Nigerian Exchange (NGX).

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The disclosure stated that its N41.21 billion 10 years 8.5 percent subordinated unsecured fixed-rate series 1 bonds, which was issued on 7th January 2021 under its 100bn Debt Issuance Program (due by 2031), has been listed on the daily official list of NGX.

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Given its nature as a subordinated debt, the bond ranks beneath other, more senior loans or instruments with regards to claims on assets or earnings. It means creditors in possession of this kind of security will not be paid out unless senior bondholders are fully paid in the event of a default.

The allotment of the bonds will be effected by way of e-allotment to successful allottees.