NSE Lists NMRC N8bn Bond

The Nigerian Stock Exchange (NSE) over the weekend listed an N8 billion Nigeria Mortgage Refinance Company (NMRC) bond on its platform.

According to the NSE, the NMRC’s N8 billion listed on the exchange carry a 14.9 per cent fixed rate bond will be due in 2030 under the N140 billion medium term note programme.

It has been gathered that the bond is part of government’s effort to finance the nation’s increasing housing deficit.

The NMRC had earlier listed its N8 billion bond on the FMDQ OTC Plc and also recently listed 1.76 billion ordinary shares at N4 per share on NASD Plc, an over-the-counter (OTC) platform that trades on unlisted securities not listed on the NSE. Recently at the listing on the FMDQ, the managing director of the NMRC, Prof Charles Inyangete, said, “The successful completion of the bond issuance and the investor interest generated by the issue underscores the confidence reposed in the operational model of the NMRC.”

He said that the market had bought into the NMRC’s objective of getting long-term funds from the capital market for the development of the mortgage industry. Inyangete said that the company would continue to bridge the country’s housing deficit by providing affordable housing finance.

“The NMRC is committed to transmitting the full benefit of the pricing efficiency achieved in its funding cost to home borrowers through the participating primary mortgage lenders,” he said.

The company, licensed by the Central Bank of Nigeria (CBN) to conduct mortgage refinancing business in Nigeria, was established with the public purpose of developing the primary and secondary mortgage markets by raising long-term funds from the domestic capital market with a mandate to encourage and promote home ownership in Nigeria by providing long term financial facilities to the mortgage lenders, thereby increasing the availability and affordability of mortgage loans to Nigerians.