NSE Lists 30 Million Units of Union Bank Bonds

By Dipo Olowookere

The N30 billion unsecured bonds issued by Union Bank of Nigeria Plc nearly four months ago has been listed on the trading platform of the Nigerian Stock Exchange (NSE).

The corporate debt instruments, numbering 30 million units, were admitted on the local bourse on Friday, October 18, 2019.

They were sold to local investors under the N100 billion debt issuance programme of the financial institution. The bonds listed last week came under the third tranche. They have a tenor of 10 years and are due in 2029. Union Bank issued the papers at the coupon rate of 16.20 percent at N1000 per unit.

During the issuance, United Capital Securities Limited acted as the stockbroker, while First Registrars and Investor Services was the registrar. The book building opened on June 10, 2019 and closed on June 17, 2019.

Confirming this development, the Head of Listings Regulation Department at NSE, Mr Godstime Iwenekhai, said in a notice that, Dealing members are hereby notified that the Union Bank of Nigeria Plc’s N30,000,000,000 10-Year, 16.20 percent Subordinated Unsecured Fixed Rate Series 3 Bonds due 2029 under the N100,000,000,000 debt issuance program, were listed on the daily official list of the Nigerian Stock Exchange on Friday, October 18, 2019.

Union Bank is one of the oldest financial institutions in the country. The lender has a very strong customer base and has branches spread across the nation, offering quality services.