NGX admits Nova Merchant Bank N10 billion bond

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The Nigerian Exchange Limited (NGX) has announced admission of Nova Merchant Bank Plc N10 billion bond on its platform.

The bond listed on NGX is the NOVAMBL Investments SPV N10billion Series I, a seven-year subordinated unsecured fixed-rate bond due 2027 under the company’s N50 billion bond issuance programme.

At the listing ceremony, held in Lagos at the weekend, the Divisional Head, Listings Business, NGX, Olumide Bolumole, said, “We are delighted to commemorate the listing of Nova Merchant Bank’s debut listing of its N10 billion bond, which was oversubscribed by 300 per cent.

The success of the bond is an indication of the level of investor confidence in the company’s reputation, brand and corporate performance.

The company’s growth potential made the firm emerge as the winner of the Bond Offering of the Year at Business Day and Other Financial Institutions (BAIF) Awards.

“It is our delight to see issuers such as Nova Merchant Bank take full advantage of the NGX’s products and services to support their growth story, and we encourage capital market players to explore other capital raising tools available on NGX to enhance their corporate profile, visibility and sustainability.”

Chief Executive Officer/Managing Director, Nova, Nath Ude noted: “I must commend the board and management of Nova for this significant milestone. We did not only enjoy an oversubscription of 300 per cent on our bond, but we have also become the youngest merchant bank to issue a bond in Nigeria. We are very proud of what we have achieved and we believe it represents a vote of confidence by the investment community. The gratitude goes to our stakeholders who invested in this bond despite economic hardships.”

SOURCE: THE GUARDIAN

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