In its bid to raise enough capital to tackle project deficits, the Zamfara State government has issued a seven year bond at a fixed rate of 17 per cent to raise N7 billion ($35 million) for infrastructure projects. This made known to newsmen by the lead issuing house, FBN Capital on Saturday.
The north-west state whose major IGR comes from agriculture, launched a N30 billion debt programme to help it develop its infrastructure, the first tranche, underwritten on a standby basis.
Feelers from the market indicates that bond yields fell below 10 per cent across maturities as secondary market trading started on Wednesday, a day after the central bank announced a surprise interest rate cut aimed to stimulate lending in the country.
-Emmanuel Ikechukwu
