Sterling Bank issues N35bn Commercial Paper

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 31^st of July 2018, and closed on Friday 2^nd of August 2018.   Allotment date is Monday 6^th of August 2018.    Tuesday 7^th of August 2018 is the settlement date.      Minimum subscription is N5 million.

Sterling bank closed trading session on the Nigerian Stock Exchange at N1.32, down 1.36%. Year to date, the stock is up 34.3%