UACN raises N54bn as seven-year bond debuts on NGX

UAC of Nigeria Plc has successfully listed its N54.03 billion Series 1 bond on Nigerian Exchange Limited, marking a significant move to secure long-term funding while reinforcing the Exchange’s growing role as a multi-asset marketplace.

The seven-year senior unsecured bond, which commenced trading on April 17, 2026, carries a fixed coupon rate of 17.35 per cent. It was issued under the company’s N150 billion multi-instrument programme.

Priced at par, the issuance comprises 54.03 million units at N1,000 each and is scheduled to mature on December 15, 2032. Investors will receive coupon payments twice a year, on June 15 and December 15, throughout the lifespan of the instrument. The offer closed in December 2025.

The bond structure includes a four-year moratorium on principal repayment, after which amortisation will begin. It also provides the issuer with an option for early redemption, offering flexibility in managing its debt profile.

Market analysts say the successful listing underscores renewed investor confidence in Nigeria’s fixed income market, as well as the ability of leading corporates to tap domestic capital for expansion and operational needs.

Commenting on the development, Vice Chairman of Highcap Securities Limited, David Adonri, noted that the transaction reflects both the depth of the local debt market and the increasing attractiveness of NGX as a capital-raising platform.

“What stands out is the continued ability of issuers like UAC of Nigeria Plc to access long-term funding. This reflects both the depth of the domestic debt market and the growing relevance of NGX as a credible platform for capital raising across asset classes,” he said.

The transaction was jointly arranged by Stanbic IBTC Capital Limited, Chapel Hill Denham Advisory Limited, Quantum Zenith Capital & Investments Limited, and FCMB Capital Markets Limited.

Chapel Hill Denham Securities Limited acted as stockbroker, while Stanbic IBTC Trustees Limited served as trustee. Africa Prudential Plc was appointed registrar for the bond.