Coronation Merchant Bank has opened to the public, subscription into its Series XV/XVI commercial papers.
The short- term debt securities issuance with a size up to N25 billion is the latest to be issued to the public under its N100 billion commercial paper programme.
The Issuance will be across 180 and 268- day tenors at an interest rate of 7.25 percent and 9.6 percent respectively, the firm said in a statement.
It is also being issued at a discount rate of 7 percent and 9 percent for the 180 and 268 tenors respectively.
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With the offer opened Wednesday, 7th through Tuesday, 13th April, the instruments have a minimum subscription of N5 million and multiples of N1000 thereafter.
Coronation Merchant Bank is a private limited liability company duly licensed by the Central Bank of Nigeria as a merchant bank in Nigeria, providing services in treasury services, investment banking and corporate banking to corporate, institutional investors and high- net- worth individuals.
The Bank, a well- recognised brand and “A” rated entity has consistently delivered strong financial performance, with its asset base and shareholders’ funds at N412.36 billion and N40.11 billion respectively, as of 31st December 2020.
