Nigeria's Guaranty Trust Bank offers five-year naira-denominated bonds

By Jennifer Chiou

New York, Dec. 10 - Guaranty Trust Bank plc announced an offering of five-year naira-denominated fixed-rate senior bonds.

The Lagos, Nigeria, bank said that the unsecured non-convertible bonds will be offered through Wednesday.

Guaranty Trust said that the coupon rate and offer size of the bond issue will be determined upon completion of the book-building process.

The managers include GTB Asset Management Ltd., FBN Capital Ltd. and WSTC Financial Services Ltd.

The bonds, rated Aa- by Agusto and Co. Ltd., make up the first tranche under the bank's 200 billion naira debt issuance program.

The bank said that the offering will help it to enhance its funding/lending capabilities.

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