FCMB Capital Markets Supports BOI’s ₦274.19 Billion Development Bond Issuance

FCMB Capital Markets Limited played a pivotal role in the issuance of a ₦274.19 billion Series 1 Development Bond by the Bank of Industry (BOI), marking one of the largest sub-sovereign bond issuances in the Nigerian capital market. The fixed-rate bond, due in 2031 and offering a 17.60% return, was part of BOI Financing SPV Plc's US$1 billion Multi-Currency Instruments Programme.

Despite being initially planned at ₦250 billion, the bond was oversubscribed, with BOI utilizing the green shoe option to meet the additional demand, ultimately issuing ₦274.19 billion.

The transaction was overseen by FCMB Capital Markets Limited, which provided essential services such as distribution strategy, book-building, and investor engagement. Notable investors included pension fund administrators, banks, development finance institutions, corporates, and other institutional investors. Each investor's participation underscored confidence in Nigeria's domestic debt capital market and its ability to mobilize substantial funding for development projects across priority sectors.

Ikechukwu Omeruah, Managing Director of FCMB Capital Markets Limited, highlighted the transaction's significance, emphasizing that it demonstrates the depth of Nigeria's domestic debt capital market and its potential to mobilize funding on a large scale. He also noted the strong investor response as a reflection of confidence in BOI and the growing demand for credible instruments that connect institutional capital to Nigeria's economic priorities.

FCMB Capital Markets' involvement in this debut issuance through Nigeria's domestic debt capital market underscores its role in supporting governments, financial institutions, and companies in structuring and accessing funding through the country's capital market.