United Capital Raises N15bn in Series 3 Commercial Paper Issuance

Adebayo Obajemu

Following its debut Series 1 & 2 Commercial Paper issuance of N5.3 billion in April 2020, United Capital Plc has successfully raised N15 billion in its recently-issued Series 3 Commercial Paper, under a N20 billion 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.

According to the Group Chief Executive Officer, Mr. Peter Ashade, “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”.

This 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.

United Capital Plc is a leading financial services group in Africa focused on leveraging technology to empower businesses, individuals, and governments with excellent financial services in Investment Banking, Asset Management, Trusteeship, Securities Trading, Wealth Management, and Consumer Finance while contributing to economic growth and prosperity across Africa by supporting financial inclusion.

Since it was founded
over 50 years ago, United Capital Plc has cultivated and sustained a heritage of excellence in the finance space in Africa. Its track record of transaction execution, industry leadership and client focus are still unmatched. It has achieved this by providing top-of-the-line financial services, consistently demonstrating a commitment to execution, excellent service delivery and client satisfaction.

Through the years, the Group has innovated with each season, and found smart ways to provide even more value to its clients by showing a spectacular ability to adapt to changing circumstances.