United Capital raises N15 billion in series 3 commercial paper issuance

Following its debut Series 1 & 2 Commercial Paper issuance of N5.3 billion in April 2020, United Capital Plc has successfully raised N15 billion in its recently-issued Series 3 Commercial Paper (“CP”), under a N20 billion programme registered with the FMDQ Securities Exchange.

The was disclosed in a statement signed and released by Leo Okafor, the company secretary, on Thursday, December 3.

The statement read that the series 3 270-day issuance was issued at a yield of 1.26% and had a subscription of circa 112% with firm commitments from a pool of institutional investors, particularly Asset Managers.

According to the Group Chief Executive Officer, Mr. Peter Ashade, “The commercial paper issuance is in line with our bid to diversify our funding sources, strengthen our capital base and intensify our strategic initiatives aimed at providing innovative financing solutions to our clients.

“This issuance sets another ground-breaking record in the Nigerian Capital Markets, being the lowest yield on record for a 270-day CP issuance by a nonbank issuer.”