I got an email last week with details of Imo State’s bond subscription which will be available soon. Here are some of the details. You can also read the email and document below:

Imo State Government of Nigeria is in the market to raise the sum of N40 billion over a 2-year period via the issuance of an ISPO (Irrevocable Standing Payment Order) backed bond off an MTN (Medium Term Note) Issuance program.
The first issuance under the programme is a 7 year NGN20bn bond which is fully backed by an ISPO and an application for tax exemption has been filed and is expected to be granted. The bond is expected to be available in the next 3 weeks for subscription and we are building a book to ensure all interested investors can participate in an equitable and transparent fashion. Allocation will be on a strictly first come first serve basis.
 
A short teaser has been attached for your information but the basic details of the bond are below:
 
Issuer:  Imo State Government of Nigeria
Lead Arranger: UBA Capital
Series:  One
Amount:  NGN20bn
Tenor:  7 yrs
 
Security Package:   Irrevocable Standing Payment Order (ISPO). An ISPO means that the fixed bond repayment is deducted by the Federal Government of Nigeria (FGN) from the State’s allocation before the net amount is released to the State. The deducted amount is paid directly into the Trustees account by the FGN on a monthly basis. The state therefore has no say in repayment once the ISPO is in effect until the bond matures. The ISPO for this bond is already in place and the deductions have started.
 
Yield:  14.00%
Tax Exemption: Applied for
Rating:  Expected minimum A, to be confirmed by rating agency
Listing:  To be listed on the Nigerian Stock Exchange

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