NOVA Merchant Bank says its N20bn Series 1 & 2 Commercial Paper issuance under its N50bn CP Programme opened on the FMDQ platform Tuesday, February 8, 2022.

Proceeds of this Commercial paper with 182 days for Series 1 and 270 days for the Series 2, the bank said in a statement, will be used to fund short-term working capital requirements and for general corporate purposes.

According to its Managing Director/ Chief Executive Officer, Nath Ude, “the successful listing of our N50bn CP Programme on the FMDQ platform further gives credence to NOVA Merchant Bank’s confidence in the Nigerian debt capital market and puts the Bank in a position to broaden potential funding sources and create superior value in the financial market it serves. We remain driven by our aspiration to transform the African financial services landscape with fresh thinking and innovative solutions”.

The latest offer follows the recent successful run of NOVA’s first bond issuance listing of N10bn seven-year Subordinated Unsecured Bond on the FMDQ platform last year which saw an oversubscription by 300%, making it one of the major corporate bond issuances by a merchant bank in Nigeria’s capital markets, thus reflecting the bank’s strong credit quality as well as the resilience of the debt market despite current global challenges

NOVA Merchant Bank says it has continued to demonstrate dominance in the Nigerian merchant banking space with its integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.