{"id":74788,"date":"2020-07-12T20:17:49","date_gmt":"2020-07-12T19:17:49","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=74788"},"modified":"2020-07-12T20:17:49","modified_gmt":"2020-07-12T19:17:49","slug":"nova-merchant-banks-debut-n10bn-bond-oversubscribed-by-300","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/nova-merchant-banks-debut-n10bn-bond-oversubscribed-by-300\/","title":{"rendered":"NOVA Merchant Bank\u2019s\u00a0Debut N10bn Bond Oversubscribed by 300%"},"content":{"rendered":"<div id=\"m8312448723009679674\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\">NOVA Merchant Bank, a leading merchant bank in Nigeria, has announced the successful issuance of its N10 billion 7-Year Subordinated Unsecured Bond under its N50 billion debt issuance programme. The transaction represents NOVA\u2019s first bond issuance in the debt market and was oversubscribed by 300 percent.<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \">\n<div class=\"clear\">\n<p>The offer which opened on June 30, 2020 following relevant approval from the Securities &amp; Exchange Commission(SEC) and the Central Bank of Nigeria (CBN), closed on July 8, 2020 with a bond yield guidance of 12 percent to 12.50 percent.<\/p>\n<p>In spite of volatility in markets due to COVID-19 pandemic, the transaction was highly demanded with a diversified order book made up of discerning investors including asset managers, insurance companies, domestic pension funds, non-financial institution corporates, high networth individuals as well as international fund managers.<\/p>\n<p>The lead issuing house, United Capital Plc, described the transaction as unprecedented while the joint issuing houses Stanbic IBTC Capital, UCML Capital Limited, Emerging Africa and Greenwich Trust Limited jointly stated it was a remarkable deal.<\/p>\n<p>This is one of the major corporate bond issuances by a Merchant Bank in Nigeria\u2019s capital market, thus reflecting NOVA\u2019s strong credit quality as well as the resilience of its business model despite current global challenges.<\/p>\n<p>The Chairman, NOVA Merchant Bank, Mr. Phillips Oduoza expressed excitement over the success of the company\u2019s debut issue\u00a0as it places the Bank on a firm footing to achieve its short-term and long-term goals.<\/p>\n<p>He said, \u201cThe oversubscription of this bond offer is yet another significant milestone in the history of the Bank and represents a vote of confidence by the investment community in the resilience of our business model. We will continue to march forward with confidence in the realisation of our strategic objectives.\u201d<\/p>\n<p>Oduoza added that the bank is well positioned to fulfil its promise to focus on providing long-term funding which is critical to the economic development of the country.<\/p>\n<p>The Bank\u2019s Managing Director,\u00a0Anya Duroha said,\u00a0\u201cThe resounding success of this bond offer helps us achieve our goal to re-establish merchant banking as a key economic driver by providing long-term funds. It will also help us better meet the financing needs of our clients\u201d.<\/p>\n<p>NOVA Merchant Bank Limited is a licensed, investment grade rated merchant bank in Nigeria. It offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Securities Trading, Wealth Management, Trade Services, Deposit Taking, Lending Activities, Transaction Banking, Cash Management and Digital Banking.<\/p>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>NOVA Merchant Bank, a leading merchant bank in Nigeria, has announced the successful issuance of its N10 billion 7-Year Subordinated Unsecured Bond under its N50 billion debt issuance programme. The&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":74789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-74788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NOVA Merchant Bank\u2019s\u00a0Debut N10bn Bond Oversubscribed by 300% - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/nova-merchant-banks-debut-n10bn-bond-oversubscribed-by-300\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NOVA Merchant Bank\u2019s\u00a0Debut N10bn Bond Oversubscribed by 300% - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"NOVA Merchant Bank, a leading merchant bank in Nigeria, has announced the successful issuance of its N10 billion 7-Year Subordinated Unsecured Bond under its N50 billion debt issuance programme. 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