*First phase completion will raise total issuance to N1.23tn
*NBET: Initiative will improve liquidity, strengthen investor confidence
Emmanuel Addeh in Abuja
The federal government is set to issue a second bond worth approximately N729 billion under the Presidential Power Sector Debt Reduction Programme (PPSDRP), as it intensifies efforts to clear verified legacy debts owed to electricity Generation Companies (Gencos) and improve liquidity in the Nigerian Electricity Supply Industry (NESI).Ahead of the issuance, the government said yesterday that it will host an investors’ forum tomorrow (Tuesday, July 21) to engage prospective investors on the upcoming transaction.
According to the organisation, this demonstrates the federal government’s credit worthiness as well as commitment to meeting its contractual obligations and strengthening investor confidence in the programme.NBET explained that the N1.23 trillion raised through the first and second issuances represents the Series 1 and Series 2 components of the Capital Market Multi Instrument Issuance Programme, which forms the first phase of the broader N4 trillion initiative.
