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TEMPLARS has advised Fidelity Bank Plc (as Issuer) on the establishment of its NGN100 Billion bond issuance programme and subsequent issuance of a 10-year, N41.21 billion unsecured subordinated bond at 8.5 percent coupon rate, due in 2031.

The issuance is significant for being the largest tier II corporate bond ever issued by any Nigerian bank.

The bond proceeds will be utilised to support the growth and development of Small Medium Enterprises (SMEs), Retail Business as well as the bank’s technology infrastructure.

According to the bank, the bond issuance was 137 per cent subscribed as total investor interest and commitment came to N56.6 billion.

Chike Obianwu, Partner and Head of the firm’s Finance Practice group, led the transaction with support from Senior Associate Khadija Osammor and Associates Nneoma Obijiaku, Ijeamaka Kawekwune, Victor Sameria, Ifeoluwa Ibiyemi and Ilamosi Ogwemoh.