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”.