Union Bank set to issue up to N20bn in Series 3 and 4 Commercial Paper

Union Bank set to issue up to Following the successful registration of its N100 billion Commercial Paper (CP) Programme in 2018, Union Bank of Nigeria Plc is set for its Series 3 and 4 CP issuance.

This follows the debut issuance of the Series 1 and 2 offer in the domestic capital markets, which successfully raised N24.3 billion in January 2019.

The 180-day and 268-day offer for the Series 3 and 4 respectively, opened on January 16, 2020

and is scheduled to close on January 21, 2020, with a target issuance size of N20 billion across

both tenors.

Stanbic IBTC Capital Limited and Union Capital Markets Limited are the Dealers on the

Commercial Paper Issuance by the Bank. The Commercial Paper will be listed on the FMDQ OTC Securities Exchange platform.

The CP offer is targeted at institutional investors including pension and non-pension

asset managers, as well as eligible high net-worth investors.

The new funding is expected to provide the bank with further working capital as it delivers on its

promise to be Nigeria’s most trusted and reliable banking partner.

Union Bank is one of Nigeria’s leading financial service institutions, with approximately 5.6 million active customers serviced across 280 branches and cash centres nationwide, an asset base of over N1.8 trillion and total equity in excess of N240 billion as at September 30, 2019.

The Bank has been assigned ratings of A

– (Agusto & Co.); A

– (DataPro); BBB+ (GCR).

SEC electronic offering will reduce unclaimed dividends

By Iheanyi Nwachukwu • January 20, 2020

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.