NSE, FMDQ Admit Sterling Bank’s N33b Bonds
By Modupe Gbadeyanka
The N32.9 billion series 2 bond issued by Sterling Investment Management SPV Plc, a special purpose vehicle of Sterling Bank Plc, has been listed on both the trading platforms of the Nigerian Stock Exchange (NSE) and the FMDQ OTC Securities Exchange.
With this development, investors can now have the opportunity to trade the bonds on the NSE and FMDQ and possibly make gains with them.
The N32.9 billion bond was admitted on the platforms last week and is part of a N65 billion debt issuance programme launched by Sterling Bank to support its new business strategy and digital banking.
The unsecured bond was issued by the financial institution with a tenor of seven years at a fixed coupon rate of 16.50 percent.
It was gathered that the bond was embraced by investors, who oversubscribed the debt instrument, indicating the confidence they have in the lender.
Under the new business strategy, Sterling Bank will build expertise and investments in five sectors regarded as growth sectors of the Nigerian economy including health, education, agriculture, renewable energy and transportation.