NOVA Merchant Bank has said its N20bn Series 1 and 2 Commercial Paper issuance under the Nova Merchant Bank Limited N50bn CP programme is now open.
According to a statement, the offer, which opened on the FMDQ platform on February 8, 2022, has a tenor of 182 days for Series 1 while the Series 2 shall be for 270 days.
It said the proceeds from the commercial paper would be used to fund short-term working capital requirements and for general corporate purposes.
The Managing Director/Chief Executive Officer, NOVA Merchant Bank, Mr Nath Ude, said, “The successful listing of our N50bn 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 statement said the new offer followed the recent successful run of NOVA’s first bond issuance listing of N10bn seven-year subordinated unsecured bond on the FMDQ platform last year which saw 300 per cent oversubscription.
