Skip to main content

NOVA Merchant Bank N10bn bond oversubscribed by 300%

NOVA Merchant Bank N10bn bond oversubscribed by 300%

UBA pioneers innovative transfer methods in updated mobile app

NOVA Merchant Bank said that its N10 billion bond offer recorded 300 percent oversubscription.

 

The bank in a statement said that the N10 billion 7-Year Subordinated Unsecured Bond is part of its N50 billion debt issuance programme, and represents the bank’s first bond issuance in the debt market.

 

According to the bank, the offer which opened on June 30, 2020 following relevant approval from the Securities & Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), closed on July 8, 2020 with a bond yield guidance of 12 percent to 12.50 percent.

 

It said: “In spite of volatility in markets due to COVID-19 pandemic, the transaction was highly demanded with a diversified order book made up of discerning investors including asset managers, insurance companies, domestic pension funds, non-financial institution corporates, high networth individuals as well as international fund managers.

READ ALSO:COVID-19: Wearing face mask better than ventilator, NCDC warns

 

“The lead issuing house, United Capital Plc, described the transaction as unprecedented while the joint issuing houses Stanbic IBTC Capital, UCML Capital Limited, Emerging Africa and Greenwich Trust Limited jointly stated it was a remarkable deal.

 

“This is one of the major corporate bond issuances by a merchant bank in Nigeria’s capital market, thus reflecting NOVA’s strong credit quality as well as the resilience of its business model despite current global challenges.”

 

The Chairman, NOVA Merchant Bank, Mr. Phillips Oduoza expressed excitement over the success of the company’s debut issue as it places the bank on a firm footing to achieve its short-term and long-term goals.

 

He said, “The oversubscription of this bond offer is yet another significant milestone in the history of the bank and represents a vote of confidence by the investment community in the resilience of our business model. We will continue to march forward with confidence in the realisation of our strategic objectives.”

 

Oduoza added that the bank is well positioned to fulfill its promise to focus on providing long-term funding which is critical to the economic development of the country.

 

The Bank’s Managing Director, Anya Duroha said, “The resounding success of this bond offer helps us achieve our goal to re-establish merchant banking as a key economic driver by providing long-term funds. It will also help us better meet the financing needs of our clients”.

The post NOVA Merchant Bank N10bn bond oversubscribed by 300% appeared first on Vanguard News.


https://ift.tt/39yxXRw by Urowayino Jeremiah via Vanguard News Albert Einstein Fools of Fortune
Labels:

Comments

Post a Comment

Popular posts from this blog

How to jump-start Nigeria economy post-COVID-19 Pandemic

Nwali Tochukwu Watching with consternation the fall out of events, actions, and inactions of our Nigerian leaders on mitigating the negative impact of COVID-19 Pandemic disruptions on our social and economic lives. As a young dynamic business and entrepreneurship writer, and author cum small business owner, what came into my mind as we navigate the storms of COVID-19, was a common English phrase Adages, Proverbs, first recorded in Fuller’s Gnomologia, 1732: ‘A stitch in time saves nine’ which was translated to literally, solve the problems right now! Why procrastinating? If we, as a nation wants to break away from past mistakes, and present mistakes, we should hold the bull by the horn right now. And avoid the roads of political expediency. That is exactly what the stitch in time simply stood for. Promptly address issues posed by Coronavirus. By quickly sewing up of a small hole or tear in a piece of material, so saving the need for more stitching at a later date when the whole ha
2 comments
Read more

Where is Aguleri Located?

Aguleri is a prominent town often associated with the mighty river called Omabala wgiyflows through it. It is home to a lot of great men and women of Anambra Stare - notably Willie Obiano. History had it that it was the cradle of Igbo people established by Eri, son of Had, son of Jacob (you got to read your Bible babe). Where is Aguleri located? It can be foueat the north eastern part of Nigeria. They share boundaries with Kano, Umueri, Anam and Nando httpss://twitter.com/share https://google.com https://www.alexa.com/siteinfo/google.com https://www.quantcast.com/google.com https://sharedcount.com/?url=https://google.com https://www.similarsites.com/site/google.com https://facebook.com https://www.alexa.com/siteinfo/facebook.com https://www.quantcast.com/facebook.com https://sharedcount.com/?url=https://facebook.com https://www.similarsites.com/site/facebook.com https://youtube.com https://www.alexa.com/siteinfo/youtube.com https://www.quantcast.com/youtube.com
Post a Comment
Read more

A lot of people think of actresses as prostitutes ― Joke Lawal

On-the-rise actress, Joke Lawal is living up to the title bestowed on her in 2016 as Nollywood New Bride by White Cowry Awards as the one-time City People Awards nominee is rapidly becoming a force to reckon with in the make-believe world. The Moshood Abiola Polytechnic graduate who dumped her degree in Business Administration in pursuit of her passion for acting in a chat with Potpourri has revealed what she hates about being an actress and what she would love to see a change in the movie-making landscape. ALSO READ:  Buhari urges Nigerians to pray for peace, unity “I would like to change people’s perception of actresses. A lot of people think of actresses as prostitutes, they see us as people who are not worthy of marriage and having a family. If I have the power this is something I will like to change. I will also like to see a change in the way our stories are written and interpreted, and in the quality of our film productions. Another thing I would like to change too is, how po
Post a Comment
Read more