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  • Business - Economy
  • Updated: Jun 07, 2021

NGX Lists Nova Merchant Bank’s N10Bn Bond

NGX Lists Nova Merchant Bank’s N10Bn Bond

Nigerian Exchange Limited commemorated the listing of Nova Merchant Bank Plc’s N10billion Bond on Thursday, 3 June 2021 with a digital Closing Gong ceremony.

The bond listed is the NOVAMBL Investments SPV Plc N10billion Series I, 7-year 12 percent 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’s debut listing of its N10Bn Bond which was oversubscribed by 300%. The success of the Bond is an indication of the level of investor confidence in the company’s reputation, brand, and corporate performance. The company’s growth potential is so evident that Nova Merchant Bank emerged as the winner of the Bond Offering of the Year at Business Day and Other Financial Institutions (BAIF) Awards. It is our delight to see issuers such as Nova Merchant Bank take full advantage of the NGX’s products and services to support their growth story, and we encourage capital market players to explore other capital raising tools available on NGX to enhance their corporate profile, visibility, and sustainability.”

On his part, the Chief Executive Officer/Managing Director, Nova Merchant Bank Plc, Mr. Nath Ude noted, “I must commend the Board and Management of Nova for this significant milestone. We did not only enjoy an oversubscription of 300% on our Bond, but we have also become the youngest merchant bank to issue a bond in Nigeria. We are very proud of what we have achieved and we believe it represents a vote of confidence by the investment community. The gratitude goes to our stakeholders who invested in this bond despite economic hardships.  With this Bond, we are well-positioned to provide long-term funding especially to the real sector, and we will continue to align with NGX to drive the economy through targeted investment opportunities as an organization offering an integrated suite of financial solutions.”

The Group Chief Executive Officer, United Capital Plc, (Lead Financial Adviser/Issuing House) Mr. Peter Ashade expressed his gratitude to the Board and Management of Nova Merchant Bank for the opportunity to serve, and also thanked the regulators, particularly NGX, the joint issuing houses – Stanbic IBTC Capital Limited, Union Capital Markets Limited – and members of the investing public.

NGX said it remains 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.

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