CardinalStone Partners Limited has announced the successful closure of the N728.97 billion series 2 power sector bond, on which it served as the lead financial adviser and lead issuing house.

  The landmark transaction represents a significant milestone for Nigeria’s capital markets and the power sector, while further strengthening CardinalStone’s position as a key partner in structuring and executing complex, high-value transactions that support strategic economic priorities, a statement by the company said.

  The bond forms part of the Federal Government’s broader efforts to address verified legacy obligations in the power sector and strengthen liquidity across the electricity value chain. With the successful completion of the issuance, the first phase of the programme has reached N1.23 trillion. The transaction comprised an oversubscribed N402 billion bond issue to domestic investors, including banks, pension funds, the Sovereign Wealth Fund, asset managers, high-net-worth individuals and retail investors, alongside N326.97 billion issued to participating power generation companies (GenCos).

  The second series mirrored the first series as an amortising instrument and was issued at a clearing price of 18 per cent.

  The strong demand for the investor tranche underscores significant market confidence in the transaction and highlights the growing depth and capacity of Nigeria’s domestic capital market to mobilise long-term funding for critical sectors of the economy.

  The seven-year bonds, issued through a special purpose vehicle and fully guaranteed by the full faith and credit of the Federal Government of Nigeria, are expected to facilitate settlements to various Generation Companies and their suppliers, contributing to greater certainty and financial stability across the power and gas value chains.

   As the lead financial adviser and lead issuing house, CardinalStone played a pivotal role in structuring and coordinating the transaction, bringing together key stakeholders, investors and professional advisers to ensure its successful execution.

   The successful closure reflects its deep capital markets expertise, strong institutional relationships and proven ability to navigate complex transactions and deliver outcomes at scale. It further demonstrates the firm’s capacity to serve as a strategic partner throughout the transaction lifecycle, from structuring and advisory through to capital mobilisation and execution.

  Commenting on the transaction, the Group Managing Director of CardinalStone Partners, Michael Nzewi, said: “We are proud to have played a pivotal role in the successful execution of the N728.97 billion bond. The strong investor response is a testament to the strength of the transaction and the confidence of the market in its underlying objectives. At CardinalStone, we are committed to helping our clients navigate complexity, unlock capital and achieve their strategic ambitions. This transaction reflects our ability to bring together innovative structuring, deep market insight and disciplined execution to deliver solutions of significant scale and impact.”