ACCORDING to NOVA Merchant Bank the N20 billion Series 1 & 2 Commercial Paper (CP) issuance under the Nova Merchant Bank Limited N50 billion CP Programme is now open.
According to the company, the offer, which launched on the FMDQ platform, has a tenor of 182 days for Series 1 and 270 days for Series 2.
The proceeds from this CP, according to the bank, will be used to fund short-term working capital requirements as well as 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 comes on the heels of NOVA’s first bond issuance, a N10 billion Seven-Year Subordinated Unsecured Bond, which saw a 300 percent oversubscription on the FMDQ platform last year, and is still one of the largest corporate bond issuances by a Merchant Bank in Nigeria’s capital markets, which reflects the bank’s strong credit quality as well as the debt market’s resilience despite current global challenges.
