Fixed Income

Nova Merchant Bank Lists N10bn 7-Year Bond On NGX

NOVA Merchant Bank , on Tuesday announced the listing of its N10bn 7-Year Subordinated Unsecured Bond on the Nigerian Exchange.

The occasion was marked with Nath Ude, the bank’s Managing Director/Chief Executive sounding the closing gong bringing an end to the day’s trading.

The listing, the bank said in a statement, follows the recent reaffirmation by Datapro of the “A” rating on the bond and upgrade by Global Credit Rating of NOVA Merchant Bank’s Long Term Issuer Rating from BBB- to BBB with a stable outlook, on the back of its full-year 2020, showing a profit after tax of N3.49bn, a significant leap from N1.65bn in 2019.

The statement quoted Ude as saying the listing “is a welcome development as the bank seeks to increase its participation in the capital market in the future both as an operator and an issuer.”

Explaining further, Phillips Oduoza, the bank’s chairman said the “listing provides a foretaste of the bank’s ambitions to be an active participant in the capital market as we seek to reestablish merchant banking as a key economic driver by providing long-term funds and advisory services.”

Ude was joined at the closing gong ceremony by Olumide Bolumole, Divisional Head Listings Business, NGX Limited, Peter Ashade, Group CEO, United Capital Plc and Alhaji Rasheed Yusuf, doyen of the Nigerian Capital Market in attendance.

NOVA Merchant Bank offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.

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