The Bond Repurchase Agreement serves as a fundamental instrument in Nigerian financial markets, enabling participants to access short-term financing while using bonds as collateral. This document is essential for financial institutions engaging in repurchase transactions under Nigerian law and must comply with Central Bank of Nigeria (CBN) guidelines and Securities and Exchange Commission (SEC) regulations. It is typically used when one party seeks to obtain short-term funding while the other aims to earn returns on excess liquidity. The agreement incorporates market standard provisions for pricing, margin maintenance, and default scenarios, while addressing specific requirements of Nigerian financial regulations. The document structure follows international best practices while accommodating local market conventions and regulatory requirements.
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1. Parties: Identification of the seller and buyer, including registration details and addresses
2. Background: Context of the agreement and brief description of the repo transaction structure
3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including market standard definitions
4. Sale and Repurchase: Core transaction terms including sale and repurchase obligations
5. Income Payments: Treatment of interest, dividends, or other income on the securities during the repo period
6. Margin Maintenance: Requirements for maintaining collateral value and margin calls
7. Payment and Transfer: Mechanics of payments and securities transfers
8. Representations and Warranties: Standard representations by both parties regarding capacity, authority, and securities
9. Events of Default: Definition of default events and consequences
10. Remedies: Rights and remedies upon default
11. Termination: Provisions for early termination and close-out
12. Notices: Communication requirements and contact details
13. Governing Law and Jurisdiction: Nigerian law as governing law and jurisdiction provisions
1. Tri-Party Arrangements: Required when using a tri-party agent for collateral management
2. Tax Provisions: Detailed tax provisions needed for cross-border transactions or specific tax arrangements
3. Agency Provisions: Required when either party acts as agent for undisclosed principals
4. Foreign Exchange Provisions: Required for cross-border repos or foreign currency denominated securities
5. Netting Provisions: Optional provisions for close-out netting if multiple transactions are contemplated
6. Electronic Trading and Settlement: Required when using electronic trading platforms or settlement systems
1. Schedule 1 - Form of Confirmation: Template for transaction-specific confirmations
2. Schedule 2 - Eligible Securities: List and characteristics of securities eligible for repo transactions
3. Schedule 3 - Pricing Parameters: Details of pricing methodology, haircuts, and margin ratios
4. Schedule 4 - Contact Details: Detailed contact information for notices and margin calls
5. Appendix A - Standard Market Calculations: Standardized methods for calculating prices, margin, and interest
6. Appendix B - Forms of Notices: Standard forms for various notices under the agreement
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