The Lagos State Government has opened its Series 5 Fixed Rate Bond offer, aiming to raise up to N200 billion to fund critical infrastructure. The 10-year bond, part of a N1 trillion debt programme, offers an indicative coupon range of 16.50% to 16.75%. Proceeds are earmarked for the Blue Line rail extension, hospital construction, and road projects. The offer, which closes on October 16, 2026, features a three-year moratorium on principal repayments and a five-year issuer call option. Investors are advised to weigh the coupon against current FGN bond benchmarks, as the indicative rates currently sit slightly below the latest 10-year sovereign auction yield.