Sterling Bank Plc Set to Issue Up to N35bn Series 6 and Series 7 Commercial Paper
Following the successful establishment of its N100Billion Commercial Paper (“CP”) Programme on 13 December, 2016, Sterling Bank is set to issue up to N35bn in Series 6 and Series 7 Commercial Paper under the CP Programme. The proceeds of the CPs are intended to boost the working capital financing needs of the Bank.
The Series 6 CP is to be issued for a tenor of 177 days at a yield of 13.6300%, whilst the Series 7 CP is to be issued for a 268 days tenor at a yield of i3.9699%.
The CP offers were targeted at institutional investors such as pension and non- pension asset managers, as well as eligible high net worth investors.
The arrangers of the CP Programme, and issues under the Programme are Constant Capital and Stanbic IBTC Capital Limited. Following the closure of the offer, the bids are currently being collated and the results of the offer are expected to be announced before the scheduled commencement date of Tuesday 7 August, 2018.
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