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    Coronation Merchant Bank seeks N25b short-term debts

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    Coronation Merchant Bank Limited has launched two new tranches of commercial papers to raise about N25 billion.

    The series 19 and 20 commercial paper issuances are being issued under the bank’s N100 billion commercial paper programme and will be issued across 180 and 270 day tenors for a target amount of up to N25 billion.

    Coronation Merchant Bank is offering its Series 19 commercial paper as a 180-day issue with yield of 11.9108 percent. It is also offering Series 20 with a tenor of 270 days at a yield of 13.5311 percent Discount rate for Series 19 is 11.2500 percent while the discount rate for the Series 20 is 12.3000 per cent.

    The net proceeds of the issuances will be used to fund short-term working capital requirements

    The bank is rated A+ by Agusto, A- by Global Credit Rating and B- by Fitch.

    Minimum subscription to the issuances is N5 million and thereafter in multiples of N1, 000. Notably, the commercial papers are free of withholding taxes.

    Application list for the issuances, which had opened on July 22, 2021 will close on July 28, 2021.

    Coronation Merchant Bank is a private limited liability company duly licensed by the Central Bank of Nigeria (CBN) as a merchant bank in Nigeria, providing services in treasury services, investment banking and corporate banking to corporates, institutional investors and high-net worth individuals.

    Afrinvest Securities described the bank as a well-recognised brand and “A” rated entity, which has consistently delivered strong financial performance, with its asset base and shareholders’ funds at N412.36 billion and N40.11 billion as at December 31 2020.

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