The third Sovereign SUKUK issue by the Debt Management Office (DMO) was over-subscribed by over 446 per cent, the debt management agency has announced.
The sale of the third tranche of the seven-year Islamic Sukuk, also known as as Ijarah, at a rate of 11.2 per cent opened in May., valued at about N150 billion offer to investors, has a June 2027 maturity date.
The DMO said the demand for the Sukuk came from a wide range of investors, including ethical funds, insurance companies, fund managers and retail investors, amongst others. The DMO said the benefits from the earlier Sukuk issuances, which were also used to finance roads construction, “included improved safety on the roads, faster travel times, access to markets for farm produce and opening up of parts of the country for development”.
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