Nigeria, Feb. 15 -- Tier 2 lender Fidelity Bank says it has completed the issuance of a fixed rate unsecured bond of N41.21 billion with a tenor of 10 years at an 8.5 per cent coupon rate.

The transaction, which was executed under its registered N100 billion bond issuance programme, will mature in 2031, a document obtained by PREMIUM TIMES showed.

Given its nature as a subordinated debt, the bond ranks beneath other, more senior loans or instruments with regards to claims on assets or earnings. It means creditors in possession of this kind of security will not be paid out unless senior bondholders are fully paid in the event of a default.

The bank said the debt-raising was 137 per cent subscribed as total investor interest and commitme...