Sterling Bank to raise N35 billion through commercial paper issue

Tier two lender, Sterling Bank Plc is to raise the sum of N35 billion through series 6 and 7 respectively of its N100billion commercial paper programme. The bank intends raising N15 billion through series 6 and N20 billion through series 7.

Commercial Papers (CPs) are unsecured money market instruments issued in the form of promissory notes. They are short-term, discounted instruments issued primarily by corporates.

Details of the two series

• Series 6  has a tenor of 177 days at a discount rate of 12.7%.
• Series 7 has a tenor of 268 days at a discount rate of 12.6%.
• The offer for both issues opened on Tuesday 31^st of July 2018, and will close on Friday 2^nd of August 2018.
• Allotment date is Monday 6^th of August 2018.
• Tuesday 7^th of August 2018 is the settlement date.
• Minimum subscription is N5 million.

Sterling bank closed at N1.32 in yesterday’s trading session on the Nigerian Stock Exchange down 1.36%. Year to date, the stock is up 34.3%