Bonds & Fixed Income | |
Bonds & Fixed Income | |
813 VIEWS | |
![]() |
Monday, June 29, 2020 / 05:11 PM / By Stanbic IBTC / Header
Image Credit: NOVAMBL Investments
We
are pleased to inform you of the imminent commencement of book building, for a N10 billion issuance of
seven-year Fixed Rate Subordinated Unsecured Bonds by Nova Merchant Bank
Limited ("NOVA" or the "Bank"), via a funding vehicle- NOVAMBL INVESTMENTS
SPV PLC ("NOVAMBL SPV PLC" or "the Issuer"). The Bonds are being issued
under a SEC-approved N50 billion Debt Issuance Programme.
Nova
Merchant Bank Limited is a licensed merchant bank in Nigeria, which is owned by
experienced local and foreign investors. It offers a portfolio of products and
services across Corporate and Investment Banking, Securities Trading
and Asset Management, to a clientele comprising top-tier corporates and high
net worth individuals. The Bank is rated BBB by Agusto
& Co. and A+ by Datapro.
Nova
has an ambitious vision to be Africa's preferred financial solutions
provider, by creating superior value in the markets they serve. For the year
ended December 31, 2019, the bank recorded 0% NPL, Gross earnings of N5.8 Billion, Profit after
Tax of N1.6 Billion (growing at a
CAGR of 48%), and Total Assets of N63.8 Billion, with a Return on Equity of 8.4%.
The
Bank intends to use the proceeds from the bond issuance to invest
in long-term risk assets, as part of its medium-term growth strategy. Proceeds
of the Bond issue will also serve as Tier-II capital for the Bank, within the
requirements of the Central Bank of Nigeria.
Please
find below a summary of the indicative terms of the offer:
The
transaction documents:
2.
PENCOM
Compliance Certificate
3.
Sponsor
and Issue Rating Reports
4.
2019
Audited Financial Statements
6.
Reporting
Accountants' Report
If you have any further enquiries, or
require any further documentation, kindly
send an email to stockbroking@stanbicibtc.com
and/or Dele.Akintola@stanbicibtc.com
Related News on NOVA Merchant Bank Ltd
Related News on Bonds and Fixed Income