Wholesale and investment bank, Nova Merchant Bank, has listed its N10 billion bond on the Nigerian Exchange Limited (NGX) platform.
This was disclosed by the NGX, noting that the listed bond by NOVAMBL Investment SPV was a seven-year subordinated fixed-rate bond that will be due in 2027 under the company’s N50 billion bond issuance programme, oversubscribed by 300 percent.
Speaking on the listing, the Divisional Head of Listings Business of the NGX, Olumide Bolumole, said, “We are delighted to commemorate the listing of Nova Merchant Bank’s debut listing of its N10 billion bond, which was oversubscribed by 300 percent.
“It is our delight to see issuers such as Nova Merchant Bank take full advantage of the NGX’s products and services to support their growth story, and we encourage capital market players to explore other capital raising tools available on NGX to enhance their corporate profile, visibility, and sustainability.”
Stating the bank’s milestone, the Chief Executive Officer and Managing Director, Nova Bank, Nath Ude, said that the company’s listing made it the youngest merchant bank in the country to issue a bond.
He said, “I must commend the board and management of Nova for this significant milestone. We did not only enjoy an oversubscription of 300 percent on our bond, but we have also become the youngest merchant bank to issue a bond in Nigeria.
“We are very proud of what we have achieved and we believe it represents a vote of confidence by the investment community. The gratitude goes to our stakeholders who invested in this bond despite economic hardships.”