Emzor raises N26.7bn five-year bond at 19% to expand pharmaceutical manufacturing
On 20 August 2026 Emzor Pharma Funding SPV Plc raised N26.70 billion via a five-year senior unsecured bond carrying a fixed 19% coupon, listed on the FMDQ Exchange to fund working capital and expansion of an antimalarial API manufacturing plant.
The desk brief
On 20 August 2026 Emzor Pharma Funding SPV Plc raised N26.70 billion via a five-year senior unsecured bond carrying a fixed 19% coupon, listed on the FMDQ Exchange to fund working capital and expansion of an antimalarial API manufacturing plant.
The five-year Naira transaction extends domestic corporate credit duration and establishes a new reference point for Nigerian corporate funding costs in local-currency markets. The deal channels long-term capital into pharmaceutical manufacturing, potentially supporting sector investment and supply-chain resilience; credit outcomes will depend on Emzor’s execution, operating cash flow and secondary-market liquidity for the issuance.
Monitor early secondary trading on FMDQ and Emzor’s use of proceeds and operational progress on the API plant.
Sources & verification
Developing storyFurther independent confirmation is required.
- Emzor raises N26.7bn bond to boost drug productionpunchng.comSource published (opens in a new tab)
- GCR assigns a long-term issue rating of A-(NG) to Emzor Pharma Funding SPV PLC’s N26.7 Billion Senior Unsecured Bond, Outlook Stable.gcrratings.com (opens in a new tab)
Public references supporting this brief.
Price Discovery
Nigeria sovereign curve
Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.
- Nigeria 27Nov 2027101.1885.330%
- Nigeria 28Sept 2028100.5635.803%
- Nigeria 29Mar 2029105.1256.029%
- Nigeria 30Feb 2030101.8756.497%
- Nigeria 31 JanJan 2031106.6256.901%
- Nigeria 31 JunJun 2031110.7506.853%
- Nigeria 32Feb 2032103.8756.981%
- Nigeria 33Sept 2033100.2507.326%
- Nigeria 34Dec 2034116.3137.633%
- Nigeria 36Jan 2036105.6257.760%
- Nigeria 38Feb 2038100.1257.677%
- Nigeria 46Jan 2046107.3758.350%
- Nigeria 47Nov 204794.8758.137%
- Nigeria 49Jan 2049108.8758.360%
- Nigeria 51Sept 205198.8758.357%
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