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Coronation Merchant Bank opens series 5 & 6 Commercial Paper

Coronation Merchant Bank opens series 5 & 6 Commercial Paper

Coronation Merchant Bank has announced the commencement of series V and VI Commercial Paper Issuances under its ₦100 billion Commercial Paper Programme. The two series have a tenor of 182days and 270 days respectively. Yields are at 6.0041percent and 7.3000-7.5000percent

The size of the new offer is N15billion, while proceeds would be used to provide short term working capital for the company. The offer which opened on 17 March would close on 20 March 2020.

Commercial Paper (CP) is an unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts payable, inventories and meeting short-term liabilities.

The bank joins the growing list of corporates taking advantage of the low-interest rate to raise cheaper short term debt.

Coronation MB 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 has an asset base and shareholders’ funds at N253.35 billion and N34.57 billion respectively, as at 31st December 2019, with an A+ Agusto rating and A- from GCR