Tier two lender, Sterling Bank Plc is to raise the sum of N35 billion through series 6 and 7 respectively of its N100billion commercial paper programme. The bank intends raising N15 billion through series 6 and N20 billion through series 7.
Commercial Papers (CPs) are unsecured money market instruments issued in the form of promissory notes. They are short-term, discounted instruments issued primarily by corporates.
Details of the two series
- Series 6 has a tenor of 177 days at a discount rate of 12.7%.
- Series 7 has a tenor of 268 days at a discount rate of 12.6%.
- The offer for both issues opened on Tuesday 31st of July 2018, and will close on Friday 2nd of August 2018.
- Allotment date is Monday 6th of August 2018.
- Tuesday 7th of August 2018 is the settlement date.
- Minimum subscription is N5 million.
Sterling bank closed at N1.32 in yesterday’s trading session on the Nigerian Stock Exchange down 1.36%. Year to date, the stock is up 34.3%