Interswitch Issues Ksh6.3 Billion Corporate Bond

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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