United Capital raises N5.3bn in Commercial Paper issuance

United Capital Plc, a leading Pan-African financial and investment services Group has successfully raised N5.3 billion in a Series 1 and 2 Commercial Paper (CP) issuance, under its N20billion Programme registered with the FMDQ Securities Exchange.

The Commercial Paper issuance, which was approved by Company’s shareholders at the Annual General Meeting of March 2018, was subjected to regulatory approvals and borne out of the Group’s strategic initiatives, aimed at providing innovative financing solutions to our Corporate, Institutional and Government (parastatals, sovereign and sub-sovereigns) clients.

According to the Group CEO, Peter Ashade, “The Commercial Paper issuance will enable us provide a wider range of wholesale financing solutions to our clients. It will also further complement our stable funding base and support the growth of our overall business”.

“The Series 1 & 2 issuances, with tenors of 182 days and 270 days, were largely subscribed to by individual and institutional investors, with interest significantly tilted towards the 270-day offering”. he said.

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By Iheanyi Nwachukwu • April 7, 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.