Investment banking group, Emerging Africa Capital, has said it recorded 100 per cent subscription on Commercial Paper issuances.
A statement by the company said it is out
to raise N3bn (“Series I – 182 days and Series II – 269 days Commercial Paper
Issuances”) under its N15bn Commercial Paper Programme recently registered with
FMDQ Securities Exchange Limited. The Commercial Paper was fully subscribed to
by Qualified Institutional Investors including asset managers, trustees,
Insurance companies and stockbrokers.
Speaking on the programme, Executive Vice
Chairman/Group Chief Executive Officer of Emerging Africa Capital, Toyin Sanni,
the said, “I am very delighted with the overall outcome of the Commercial Paper
Issuance particularly given the caliber of investors that subscribed to the
Issuance.
It is my view that the continued issuance
of subsequent series under the N15bn Commercial Paper Programme will support
Emerging Africa’s strategic intent to build a long and credible track record of
accessing funding from the Nigerian debt capital market.
“I thank the FMDQ for its thoroughness and
the dealers and investors who contributed to the success recorded in the
Company’s Series I and Series II Commercial Paper Issuances”.
The Group CFO, Emeka Anazodo, stated that
that the Offer attracted considerable investor interest, and “achieved a 100
per cent subscription rate despite low market liquidity and less – than
favorable general market conditions experienced in the second half of 2b022.
He noted that funds from the Commercial
Paper Issuance would enable the company to diversify its financing mix and fund
its short-term working capital requirements”.
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