Optimism for Nigeria spurs Lagos bond sale



Nigeria's Lagos state, home to the country's commercial capital and sub-Saharan Africa's biggest city, sold its biggest bond issue of 80 billion naira to fund infrastructure projects.

The seven-year notes were priced with a 14.5 percent coupon on Wednesday, the highest end of a revised range guidance, said Bolaji Balogun, chief executive of Lagos-based lead manager Chapel Hill Denham.

"In tricky market conditions, the book was slightly oversold, clearing the market in what was the single-largest issuance ever by a Nigerian state or sub-national," he said.

Proceeds from the sale will fund infrastructure projects including a rail line to help ease traffic congestion, said the Lagos governor Babatunde Fashola.

The state first issued debt in 2008, selling 50bn naira of five-year securities with a 13 per cent coupon. It concluded a 50bn naira, seven-year bond sale in April 2010 at a 10 per cent coupon.

The smallest of Nigeria's 36 states in terms of size, Lagos is the most densely populated, with about 22 million people living in the metropolitan hub, up from about 17 million in 2006, according to the state government.

The regional government is investing in infrastructure to meet the needs of a population it estimates is increasing at 3 per cent a year.

The sale comes after borrowing costs for Nigeria's federal government dropped after JPMorgan Chase said from last month that it would add the country's bonds to its GBI-EM index series. Barclays will add the debt of Africa's biggest oil producer and most populous nation to its own emerging market indexes in March.

The yield on the 16.39 per cent federal government naira debt due 2022 has dropped 81 basis points to 12.27 per cent this month, according to data compiled by the Lagos-based Financial Markets Dealers Association.

Essentials

The flights

Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours. 

The package

Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

UAE squad

Ali Kashief, Salem Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdelrahman, Mohammed Al Attas (Al Jazira), Mohmmed Al Shamsi, Hamdan Al Kamali, Mohammad Barghash, Khalil Al Hammadi (Al Wahda), Khalid Eisa, Mohammed Shakir, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Adel Al Hosani, Al Hassan Saleh, Majid Suroor (Sharjah), Waleed Abbas, Ismail Al Hammadi, Ahmed Khalil (Shabab Al Ahli Dubai) Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Mahrami (Baniyas)

The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

THE BIO:

Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.

Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.

Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.

Personal motto: Believe it and you can achieve it.

SPEC%20SHEET
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
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Transmission: 8-speed automatic
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The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
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Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
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  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Company%20Profile
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Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

If you go
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When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY%20PROFILE%20
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Champion%20v%20Champion%20(PFL%20v%20Bellator)
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Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Company%20Profile
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Results

2.30pm: Handicap (PA) Dh40,000 1,700m; Winner: AF Mezmar, Adam McLean (jockey), Ernst Oertel (trainer).

3pm: Maiden (PA) Dh40,000 2,000m; Winner: AF Ajwad, Tadhg O’Shea, Ernst Oertel.

3.30pm: Handicap (PA) Dh40,000 1,200m; Winner: Gold Silver, Sam Hitchcott, Ibrahim Aseel.

4pm: Maiden (PA) Dh40,000 1,000m; Winner: Atrash, Richard Mullen, Ana Mendez.

4.30pm: Gulf Cup Prestige (PA) Dh150,000 1,700m; Winner: AF Momtaz, Saif Al Balushi, Musabah Al Muhairi.

5pm: Handicap (TB) Dh40,000 1,200m; Winner: Al Mushtashar, Richard Mullen, Satish Seemar.

The past winners

2009 - Sebastian Vettel (Red Bull)

2010 - Sebastian Vettel (Red Bull)

2011 - Lewis Hamilton (McLaren)

2012 - Kimi Raikkonen (Lotus)

2013 - Sebastian Vettel (Red Bull)

2014 - Lewis Hamilton (Mercedes)

2015 - Nico Rosberg (Mercedes)

2016 - Lewis Hamilton (Mercedes)

2017 - Valtteri Bottas (Mercedes)

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