Skymark Partners raises N1.84bn Series 5 and 6 Commercial Paper

Skymark Partners Limited, a Lagos-based proprietary investment company, has successfully issued Series 5 and 6 Commercial Papers (CP) under its established N5bn Commercial Paper Issuance Programme, raising the  sum of N1.84bn. The issuance consisted of two series – a 182-day series priced at 16.9% discount and a 279-day series priced at 17.4% discount, Skymark said […]

Skymark Partners Limited, a Lagos-based proprietary investment company, has successfully issued Series 5 and 6 Commercial Papers (CP) under its established N5bn Commercial Paper Issuance Programme, raising the  sum of N1.84bn.

The issuance consisted of two series – a 182-day series priced at 16.9% discount and a 279-day series priced at 17.4% discount, Skymark said in a statement issued on Wednesday.

Skymark Partners set out to raise N1.8bn but despite very tight market liquidity conditions, was able to exceed this target and raised N1.84bn, it said.

Speaking about the successful issuance, Egie Akpata, Chairman of Skymark Partners Limited, said, “This issuance consolidates Skymark Partners position as an active issuer in the CP market and provides our firm with the liquidity needed to achieve its strategic objectives”.

Continuing, he said, “The success of the CP issuance during a period of very tight market liquidity indicates the investor community’s trust and acceptance of Skymark Partners as a counterparty of choice for the long term.”