RMB Supports BOI's N274.18bn Domestic Bond Issuance

Rand Merchant Bank (RMB) Nigeria served as Joint Issuing House for the Bank of Industry’s (BOI) N274.18 billion five-year fixed-rate domestic bond, which is due in 2031. This issuance marks BOI’s inaugural domestic naira-denominated bond and is recognized as the largest debt capital markets transaction by a development finance institution in Nigeria, according to publicly available market data.

Initially targeting N250 billion, BOI increased the offer to N274.18 billion due to strong investor demand. The bond attracted participation from various institutional investors, including pension fund administrators, banks, and insurance companies, indicating robust investor confidence in BOI’s financial strength and its role in economic development.

Chidi Iwuchukwu, Executive Director and Head of Investment Banking at RMB Nigeria, stated that the transaction showcases Nigeria’s capital markets' ability to mobilize long-term capital. Laju Atake, Head of Debt Capital Markets at RMB Nigeria, noted the importance of supporting inaugural issuers and highlighted the ongoing development of Nigeria’s capital markets.