Home ECONOMY Interswitch Issues Ksh6.3 Billion Corporate Bond

Interswitch Issues Ksh6.3 Billion Corporate Bond

by biasharadigest

Interswitch listed Ksh6.375 billion bond on the Nigerian Securities Exchange on 31 January 2020.

In a statement, the Nigerian Securities Exchange says that the Callable Senior Unsecured Bond has a 7 year tenor with a 15% fixed rate. The bond is part of a Ksh8.3 billion debt issuance programme issued through Interswitch Africa One plc.

However, participation remains limited to qualified institutional investors. For instance, 64% allocated to pension fund managers, 22% to asset managers, and 7 percent to commercial banks.

Interswitch enjoys over 32 million customers in Nigeria and across Africa. In 2019 received over $200m funding from Visa for a 20% stake with reports that Interswitch will head for an IPO later in the year.

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