Union Bank Begins N20bn Commercial Papers Sales
Umoru Abdulkadir
Union Bank of Nigeria Plc has begun the sale of commercial papers worth N20 billion to finance its working capital in its quest to delivers on its promise of becoming the nation’s most trusted and reliable banking partner.
The N20 billion CP follows the debut issuance of the Series 1 and 2 offering the domestic capital markets, which successfully raised N24.3 billion in January 2019, adding that the N20 billion paper issuance was under the N100 billion commercial paper programme registered by the financial institution in 2018.
The 180-day and 268-day debt instrument offer for the Series 3 and 4 respectively sale, started on Thursday, January 16, 2020 and will close on Tuesday, January 21, 2020.
The Bank further stated that the commercial paper sale is targeted at institutional investors, including pension and non-pension asset managers, as well as eligible high net-worth investors.
While the commercial notes would be listed on the FMDQ OTC Securities Exchange platform after the exercise, Stanbic IBTC Capital Limited and Union Capital Markets Limited have been selected as the dealers on the commercial paper issuance.
“The new funding is expected to provide the bank with further working capital as it delivers on its promise to be Nigeria’s most trusted and reliable banking partner,’ the bank explained.
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