CardinalStone Partners Limited Offering 7.0% Yield On Its 270-Day Commercial Paper

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Tuesday, August 11, 2020 / 06:20 PM / By Afrinvest Research / Header Image Credit: African Financials

 

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CardinalStone Partners limited ("CardinalStone") is seeking to raise up to N5.0bn in the first series of its N10.0bn Commercial Paper ("CP") Programme in order to support its short term financing requirements.

 

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional and retail clientele base. The Company and its subsidiaries are licensed by the SEC to operate as an Issuing House, Fund Manager, Broker/Dealer and Registrar; and by the Central Bank of Nigeria ("CBN") to operate as a Finance company.

Over the years, the Company has continued to introduce innovative asset management and other financial products as well as service offerings as a mode of differentiation across its various businesses.


Please see below the details of the offer:

CardinalStone Partners Limited  

Series Number

Series 1

Tenor

270 days

Effective Yield

7.0000%

Discount Rate

6.6558%

Issuer Rating

'Bbb' - by Agusto & Co. 
'A3' (Shortterm); 'BBB-' (Longterm) by GCR 
'A2' (Shortterm); 'A-' (Longterm) by DataPro

Minimum Subscription

Minimum of N5.0m and multiples of N1,000 thereafter

Offer Open

Tuesday, August 11th, 2020

Offer Close Date

Wednesday, August 19th, 2020

Settlement Date

Monday, August 24th, 2020

Maturity Date

Friday, May 21st, 2021

 

Rates are valid till 09:00am on Wednesday (19-Aug-20)
*Please note that the minimum subscription for Commercial Papers is N5,000,000.00

To invest in the CardinalStone Partners Limited Commercial Paper, send an email to - brokerageteam@afrinvest.com

 

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