Nova Merchant Bank issues N10bn bond
Nova Merchant Bank has announced that
its ongoing N10 billion bond issuance is aimed at putting the business
on a firm footing to achieve its short–term and long–term goals.
The bank, in a statement on Monday, said
it was seeking to raise funds through its N10bn, seven–year fixed–rate
subordinated unsecured bonds under its N50bn debt issuance programme.
According to the statement, the bond has
a price range of 12 per cent to 12.50 per cent and the offer, which
opened on June 30, would close on July 8, 2020.
The Managing Director/Chief Executive
Officer, Nova Merchant Bank, Anya Duroha, expressed the bank’s
commitment to creating superior value in the market and keeping
customers at the centre of its business.
He said the bond would be invested in long–term risk assets as part of its medium–term growth strategy.
According to the statement, the bond,
which is issued under the Securities and Exchange Commission–approved
N50billion debt issuance programme is callable in five years by the
Source: Punchng, July 8, 2020