Nova Merchant Bank Plc list its N10billion bond on the Nigerian Exchange Limited (NGX) on Thursday, June 3, 2021. It is the NOVAMBL Investments SPV Plc N10billion Series I, 7-year 12percent subordinate unsecured fixed rate bond due 2027 under the company’s N50billion Bond Issuance Programme.
Speaking at the ceremony, the Divisional Head, Listings Business, NGX Limited, Mr. Olumide Bolumole said, “We are delighted to commemorate the listing of NOVA Merchant Bank Investments SPV ₦10Bn, 7-years subordinated unsecured series I Bond under its ₦50Bn debt Issuance Programme on NGX today. It is worthy to mention that this is Nova Merchant Bank’s first bond issuance which was oversubscribed by 300%, an indication of the level of investor confidence in the company’s reputation, brand and corporate performance. We remain committed to driving sustainable products and safe investments in a market that is orderly and transparent, whilst leveraging cutting edge technology. In terms of capital formation on the NGX Platform, this year, the exchange has facilitated needed financing of over ₦4.6Tn raised by governments and corporates across various asset classes. We therefore encourage Nova Merchant Bank to explore other capital raising tools available to our listed companys such as an Equity listing to enhance the companys corporate profile, visibility and sustainability”.
On his part, the Chief Executive Officer/MD, Nova Merchant Bank Plc, Mr. Nath Ude noted, “It gives me great pleasure to be admitted on the daily official list of the NGX Limited today. We offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking. Recently, Datapro reaffirmed an “A” rating on the Nova Merchant Bank N10 billion 7-Year Subordinated Unsecured Bond issued under its N50 billion debt issuance programme. NOVA Merchant Bank also emerged the winner of the ‘Bond Offering of the Year 2020’ prize at the BusinessDay Bank and other Financial Institutions (BAFI) Awards. The bank clinched the prize for its extremely successful N10billion seven year subordinated unsecured bond which was oversubscribed by 300 percent”.
The Group Chief Executive Officer, United Capital Plc, (Lead Financial Adviser/Issuing House) Mr. Peter Ashade expressed his appreciation to capital market stakeholders, NGX Limited and other professional parties to the transactions - Stanbic IBTC Capital Limited, Union Capital Markets Limited and all the professional parties to this transaction for ensuring a successful debt capital raise.
NGX continues to facilitate listing and provide an efficient avenue for investments in multiple asset classes providing investors varied options including Equities, Fixed Income and other Exchanged Traded Products (ETPs).
