Stanbic IBTC Bank Limited has introduced a commercial paper issuance worth up to N50 billion, offering it for subscription at a discount rate of 20.76%, according to a disclosure by Cordros Capital Limited.
The financial institution has commenced the offer for its Series 2 commercial paper as part of its capital-raising initiative, with the subscription window opening on April 22 and closing on April 24.
Details outlined in the offer document indicate that the minimum subscription amount is pegged at N5 million, with investors permitted to make subsequent increments in multiples of N1,000. The implied yield on the investment stands at 24.50%.
The commercial paper is scheduled to be allotted to successful subscribers on April 28, featuring a 268-day tenor and maturing on January 15, 2026. Cordros Capital Limited, acting as the issuing agent, noted that brokerage fees on the subscription have been fixed at 0.5%.
