TrustBanc Holdings Limited (TrustBanc), the parent company of four regulated financial services companies, has said it has successfully closed its Series 2 Commercial Paper (CP) issue for a total amount of N1.7 billion on July 22, 2021.
The 180-day CP was issued at a discount of 13.5323 percent and a minimum subscription of N5 million. TrustBanc is rated A- by DataPro Limited and the issue was approved by FMDQ Securities Exchange Limited (FMDQ). Subscriptions to this series were made mainly by institutional investors, with a significant proportion by asset and fund managers.
“I would like to thank all the subscribers to this commercial paper issue. This support represents a strong mark of confidence in TrustBanc, its financial performance, its business model, and its growth strategy. The proceeds from the transaction will be utilized to finance the growing portfolio of assets within the TrustBanc Group. Our Group is proud to contribute to the growth of the Nigerian Debt Capital Market through the FMDQ,” said the chief executive officer of TrustBanc Holdings Limited, Abu Jimoh, CFA.
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UCML Capital Limited and United Capital Plc acted as dealers on the transaction. Speaking on behalf of the dealers, Director at UCML Capital Limited, Egie Akpata, described the Series 2 issuance as a reaffirmation of the issuer’s ability to tap into the debt capital market for its short-term funding needs. “The presence of large institutional investors in the order book for this unsecured instrument confirms that TrustBanc Holdings is seen as a trustworthy counterparty by the market.”
TrustBanc was incorporated as a holding company to synergise the operations of TrustBanc Financial Group. TrustBanc along with its subsidiaries, namely, TrustBanc Asset Management Limited, TrustBanc Capital Management Limited, TrustBanc J6 MFB, and TrustBanc Arthur Limited, make up the group. The group is expanding to become an integrated financial services conglomerate with solutions covering wealth management, ethical and conventional investments management, securities trading, savings, and lending.
Located in Victoria Island, Lagos, the group’s broad range of services ensures a bespoke solution to clients. Its services, which are accessible and digital, cover microloans, business financing, and guides to investing, or advice on the preservation of wealth.
