United Capital Raises N15bn From Commercial Papers Issuance
A leading financial services group in Africa, United Capital Plc has raised N15 billion from issuance of its Series 3 Commercial Paper (“l”), under a N20 billion programme registered with the FMDQ Securities Exchange.
This follows its debut Series 1 & 2 Commercial Paper issuance of N5.3 billion in April 2020.
A statement by United Capital Secretary, Leo Okafor, on Wednesday, said the Series 3 270-day issuance was issued at a yield of 1.26% and had a subscription of circa 112% with firm commitments from a pool of institutional investors,
particularly Asset Managers.
The Group Chief Executive Officer, United Capital Plc, Peter Ashade explained that the commercial paper issuance is in line with bid to diversify our funding sources, strengthen our capital base and intensify our strategic initiatives aimed at
providing innovative financing solutions to our clients.
This issuance sets another ground-breaking record in the Nigerian Capital Markets, being the lowest yield on record for a 270-day CP issuance by a non- bank issuer.
FSDH Capital Limited, United Capital Plc, and UCML Capital Limited acted as arrangers to the transaction.
United Capital Plc is focused on leveraging technology to empower businesses, individuals, and governments with excellent financial services in Investment Banking, Asset Management, Trusteeship, Securities Trading, Wealth Management, and Consumer Finance while contributing to economic growth and prosperity across Africa by supporting financial inclusion.
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