Nova Merchant Bank issues N10bn bond

OBINNA EZUGWU

Nova Merchant Bank has announced it is issuing N10 billion to put its business on firm footing to achieve its short-term and long-term goals.

The issuance was disclosed in a by its Managing Director/CEO, Mr. Anya Duroha.

Nova is seeking to raise N10 billion in a 7-year Fixed Rate Subordinated Unsecured Bonds under its N50 billion debt issuance programme. The bond has a price range of from 12 to 12.50 and the offer, which opened on June 30, will close on July 8, 2020

Duroha in the statement, pledged the bank’s commitment to creating superior value in the market and keeping customers at the centre of its business.

He emphasized that the fund to be raised would will be invested in long-term risk assets as part of its medium-term growth strategy and advised interested investors to obtain more details of the bond from the bank’s website.