RenCap Launches Emzor Pharmaceutical’s Debut N13.73bn Corporate Bond
Renaissance Capital has disclosed that it led the successful launch of an inaugural Series 1 Bond Issue for Emzor Pharmaceutical Industries Limited, under the company’s N50 billion bond issuance programme.
According to the financial advisory company, the transaction represented the largest bond issuance from a Nigerian pharmaceutical company.
It further explained that the transaction saw strong demand from domestic institutional investors primarily pension funds and asset managers allowing the issue to close at a coupon rate of 10 per cent.
“The bond also benefited from Emzor’s solid credit profile evidenced by its debut ratings of A- and A by GCR and DataPro, respectively – Renaissance Capital acted as Ratings Adviser to the Issuer and Issue.
“The successful outcome of the transaction further accentuates the strength of Renaissance Capital’s franchise as well as its solid sales and distribution platform,” the statement added.
Speaking on the transaction, Director at Renaissance Capital, Mr. Samuel Sule said: “The transaction comes as another recognition of Renaissance Capital’s solid capital markets franchise and further showcases our ability to support first-time issuers on their ratings journey as well as position their credits with key domestic investors irrespective of underlying market conditions.”