NMRC: As part of its efforts to provide additional liquidity to the country’s mortgage market and give more Nigerians the opportunity to own homes, Nigeria Mortgage Refinance Company Plc (NMRC) has announced the completion of its ₦10billion 7.20% series 3 fixed rate bonds due in 2027, under its ₦440billion Medium Term Note Programme.

The bond facilitated by DLM Capital Group as the Financial Adviser and Issuing House was well received by investors and was subscribed 3.28 times the projected amount. This has been described to be the highest subscription for a Nigerian bond so far.

Mr. Kehinde Ogundimu, the Managing Director/CEO of NMRC at the bond signing ceremony held in Lagos explained that “This series 3 bond issuance goes to further reinforce our commitment to encourage, promote and facilitate home-ownership in Nigeria. This issuance gives an opportunity for people like you and I to take mortgage loans at an affordable rate and buy houses”.

Mr. Ogundimu also stated that “One of the biggest challenges we have in the mortgage industry is affordability, but with this rate at 7.20%, I will expect that from this issuance, there will be a substantial decrease in the mortgage rate to the ultimate mortgagors going forward.

Source: Nairametrics