NIGERIA – The Nigerian Exchange Group (NGX), has announced the listing of Nova Merchant Bank Plc’s N10billion (US$24.32m) Bond.
The bond listed is the NOVAMBL Investments SPV N10billion Series I, 7-year 12percent subordinate unsecured fixed rate bond due 2027 under the company’s N50billion Bond Issuance Programme.
“We are delighted to commemorate the listing of Nova Merchant Bank’s debut listing of its N10Bn Bond which was oversubscribed by 300%. The success of the Bond is an indication of the level of investor confidence in the company’s reputation, brand and corporate performance,” said Olumide Bolumole, Divisional Head, Listings Business, NGX.
“The company’s growth potential is so evident that Nova Merchant Bank emerged as the winner of the Bond Offering of the Year at Business Day and Other Financial Institutions (BAIF) Awards.
“It is our delight to see issuers such as Nova Merchant Bank take full advantage of the NGX’s products and services to support their growth story, and we encourage capital market players to explore other capital raising tools available on NGX to enhance their corporate profile, visibility and sustainability.”
“The success of the Bond is an indication of the level of investor confidence in the company’s reputation, brand and corporate performance.”Olumide Bolumole – Divisional Head, Listings Business, NGX
NGX remains committed to driving sustainable products and safe investments in a market that is orderly and transparent, whilst leveraging cutting edge technology.
“I must commend the Board and Management of Nova for this significant milestone. We did not only enjoy an oversubscription of 300% on our Bond, we have also become the youngest merchant bank to issue a bond in Nigeria. We are very proud of what we have achieved and we believe it represents a vote of confidence by the investment community,” Nath Ude, Chief Executive Officer/Managing Director, Nova Merchant Bank said.
“The gratitude goes to our stakeholders who invested in this bond despite economic hardships. With this Bond, we are well positioned to provide long term funding especially to the real sector, and we will continue to align with NGX to drive the economy through targeted investment opportunities as an organization offering an integrated suite of financial solutions.”
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE