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HomeBusinessNigeria's United Capital raises N15 bln commercial paper at 1.26%

Nigeria’s United Capital raises N15 bln commercial paper at 1.26%

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Nigeria’s investment banking group United Capital Plc on Wednesday said it has raised N15 billion in 270-day commercial paper at 1.26 percent rate.

The company in a regulatory filing with the Nigerian Stock Exchange (NSE) said the debt was raised under its N20 billion series 3 commercial paper programme registered with the FMDQ Securities Exchange.

“The Series 3 270-day issuance was issued at a yield of 1.26% and had a subscription
of circa 112% with firm commitments from a pool of institutional investors, particularly Asset Managers,” the firm said.

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United Capital Chief Executive Officer, Peter Ashade said; “The commercial paper issuance is in line with our bid to diversify our funding sources, strengthen our capital base and intensify our strategic initiatives aimed at providing innovative financing solutions to our clients.”

He said the debt issuance sets another ground-breaking record in the Nigerian Capital Markets, being the lowest yield on record for a 270-day CP issuance by a nonbank issuer.

FSDH Capital Limited, United Capital Plc, and UCML Capital Limited acted as Arrangers to the transaction.

The investment banking group had earlier in the year raised N5.3 billion in its debut Series 1 & 2 Commercial Paper issuance in April.

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