NOVA Merchant Bank, a leading merchant bank in Nigeria, has said that its N20 billion Series 1 & 2 commercial paper issuance under the Nova Merchant Bank Limited N50 billion Commercial Paper Programme is open for subscription.
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 said the proceeds from this commercial paper will be used to fund short-term working capital requirements and for general corporate purposes.
Managing Director/ Chief Executive Officer of the bank, Nath Ude, said: “The successful listing of our N50 billion CP programme on the FMDQ platform further gives credence to 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”.
According to the bank, the new offer follows the recent successful floating of the bank’s first bond issuance listing of N10 billion seven-year unsecured bond on the FMDQ platform last year which saw an oversubscription by 300 per cent.
The bank stated that 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.
NOVA Merchant Bank continues to demonstrate dominance in the Nigerian merchant banking space with its integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.
