New Telegraph

Nova Merchant Bank debut with N10bn bond

Nova Merchant Bank has announced that its ongoing N10 billion bond issuance is aimed at putting the business on a firm footing to achieve its short and long term goals.

 

According to a statement from the bank, the technology- driven financial institution is seeking to raise up to N10 billion 7-year Fixed Rate Subordinated Unsecured Bonds under its N50 billion debt issuance programme.

 

The bond has a price range of from 12 per cent to 12.50 per cent and the offer, which opened on June 30, will close on July 8, 2020.

 

 

The Managing Director/ CEO, Nova Merchant Bank, Anya Duroha, who pledged the bank’s commitment to creating superior value in the market and keeping customers at the centre of its business, noted that the bond would be invested in long-term risk assets as part of its medium-term growth strategy.

 

Nova Merchant Bank Limited is a licensed merchant bank in Nigeria rated BBB by Agusto & Co. and A+ by Datapro and the bond which is issued under a SECapproved N50billion Debt Issuance Programme is callable in five years by the bank. Speaking to shareholders at a meeting recently, the bank’s Chairman, Mr. Phillips Oduoza, noted that the bank reported a significant improvement in all the key financial indices compared to the previous year’s achievement, and attributed the growth to the successful execution of the 2019 strategic plan in line with the key pillars to position the bank as a market leader by 2025.

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