NOVA Merchant Bank, one of Nigeria’s leading merchant banks, has announced the opening of its N20 billion Series 1 & 2 Commercial Paper issuance under the Nova Merchant Bank Limited N50 billion CP Programme.
According to the company, the offer, which went live on the FMDQ platform on Tuesday, February 8, 2022, has a tenor of 182 days for Series 1 and 270 days for Series 2.
The bank notes that the proceeds from this Commercial paper will be used to fund short-term working capital needs as well as general corporate purposes.
“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,” said Mr. Nath Ude, Managing Director/ Chief Executive Officer of NOVA Merchant Bank.
“We remain motivated by our desire to transform the African financial services landscape through fresh thinking and innovative solutions.”
The new offering follows the 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 a 300 percent oversubscription, as it remains one of the major corporate bond issuances by a Merchant Bank in Nigeria’s capital markets, reflecting the bank’s strong credit quality as well as the debt market’s resilience despite current global challenges.
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, NOVA Merchant Bank maintains its dominance in the Nigerian merchant banking space.