Fidelity Bank Plc has launched an operation to raise N75 billion ($196 million) in local currency to support small and medium-sized businesses. The issue is made through fixed unsecured subordinated bonds and is expected to close on Monday, December 14, 2020.

The bank launched the issue as part of its N100 billion ($261 million) bond issuance program in the local currency to increase its capital ratios and financing capacity.

Proceeds from the Series 1 bonds will be used to support the Bank's small and medium-sized enterprises (SMEs) and retail banking services, as well as its information and technology infrastructure.

The bank intends to take advantage of the general decline in fixed income yields in the domestic debt market to repay old debts at a lower cost.