Thursday, June 13, 2024
HomeBanking & FinanceBondsNOVA Merchant Bank begins N20b commercial paper issuance

NOVA Merchant Bank begins N20b commercial paper issuance

NOVA Merchant Bank has announced that its N20 billion Series 1 & 2 Commercial Paper (CP) issuance under the Nova Merchant Bank Limited N50 billion CP Programme is now open.

The company said the offer which opened on the FMDQ platform has a tenor of 182 days for Series 1 while the Series 2 shall be for 270 days.

The bank notes that the proceeds from this CP will be used to fund short-term working capital requirements and for general corporate purposes.

The Managing Director/ Chief Executive Officer of NOVA Merchant Bank, Nath Ude, said: “The successful listing of our N50 billion CP Programme on the FMDQ platform further gives credence to NOVA Merchant Bank’s confidence in the Nigerian debt capital market and puts the Bank in a position to broaden potential funding sources and create superior value in the financial market it serves. We remain driven by our aspiration to transform the African financial services landscape with fresh thinking and innovative solutions.”

The new offer follows the recent successful run of NOVA’s first bond issuance listing of N10 billion 7-Year Subordinated Unsecured Bond on the FMDQ platform last year which saw an oversubscription by 300 per cent, as it remains one of the major corporate bond issuances by a Merchant Bank in Nigeria’s capital markets, thus reflecting the bank’s strong credit quality as well as the resilience of the debt market despite current global challenges.

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