NOVA Merchant Bank commences N20bn Commercial Paper Issuance

NOVA Merchant Bank, a leading merchant bank in Nigeria, has announced that its N20 billion Series 1 & 2 Commercial Paper 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 on Tuesday, has a tenor of 182 days for […]

NOVA Merchant Bank, a leading merchant bank in Nigeria, has announced that its N20 billion Series 1 & 2 Commercial Paper 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 on Tuesday, has a tenor of 182 days for Series 1 while the Series 2 shall be for 270 days.

• EU plans €508m intervention in Nigeria
• NIGERIA DAILY: What Racketeers Make Off Nigerians As Fuel Scarcity Persists

The bank notes that the proceeds from the commercial paper 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, Mr Nath Ude, said: “The successful listing of our N50billion 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.’’

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%.