NGN 3 billion credit enhancement guarantee for the second series of Mixta Nigeria’s bond programme. Alongside the series 2 tranche A bond, Mixta also raised an additional NGN 2.3 billion through an unguaranteed tranche B in which the African Local Currency Bond Fund was a cornerstone investor.
GuarantCo provided a NGN 7.5 billion credit enhancement guarantee in two tranches for Mixta Nigeria’s bond programme through which 5,000 affordable houses for 24,000 people were built and 1,130 jobs on the construction site were created. A challenge that most developers of affordable housing are facing is the availability of long-term funding which is necessary to develop and provide access to housing at a monthly cost that is affordable to the highest percentage of the population. Through the support of GuarantCo, Mixta Nigeria was able to tap into long-term funding from the local institutional investors through the issuance of these bonds.