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%