Stanbic IBTC is targeting the sum of $150 million as proceeds from three commercial paper issues. The fund raise is part of the bank’s N100 billion multi currency shelf programme. Sterling Bank, another tier two lender has also issued two commercial papers.
Details of the issue.
- Series 43, has a tenor of 90 days and will be issued at a discount rate of 4%.
- Series 44 has a tenure of 180 days and will be issued at a discount rate of 4.5%.
- Series 45 has a tenor of 270 days and will be issued at a discount rate of 5%.
- Each series is sized at $50 million.
- The three issues opened on Tuesday 31st of July 2018 and will be closing today Thursday August 2 2018
- All orders are for a minimum of $100,000 and multiples of $10,000 thereafter.
Stanbic IBTC is currently trading at N49.75 in today’s trading session on the Nigerian Stock Exchange (NSE).
