Dipo Olowookere
By Dipo Olowookere
The sale of the N25 billion commercial papers by Coronation Merchant Bank Limited will close today, Friday, April 22, 2022.
Business Post reports that the exercise started on Thursday, April 14, 2022, and the offering is in two maturities of 182 days and 269 days.
The short-term debt instrument, series I and series II, is being issued under the lender’s N100 billion Commercial Paper Programme.
According to the company, the proceeds of the papers would be used for short-term working capital requirements.
The discount rate for the 182-day note is 7.9240 per cent and the 269-day note is 8.4402 per cent, while the yield for the series I is 8.2500 per cent and the series II is 9.0000 per cent.
The commercial papers, which have applicable taxes as stipulated by the federal government, have a minimum subscription of N5 million and multiples of N1,000 thereafter.
Coronation Merchant Bank is a private limited liability company authorised by the Central Bank of Nigeria (CBN), the regulatory agency for financial institutions, to operate in the country.
The company provides services in treasury, investment banking, private banking and corporate banking to corporate, institutional investors and high-net-worth individuals.
It has consistently reported robust operating and net profit margins compared with its peers in Nigeria and other jurisdictions and also has a strong track record in the debt capital markets in Nigeria, having successfully issued an aggregate of N178 billion in commercial papers.
Coronation Merchant bank has consistently delivered strong financial performance, with its asset base and shareholders’ funds at N473.97 billion and N39.80 billion respectively, as at 31st December 2021.
