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Nova’s Says Bond Offer Was Over-Subscribed


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Nigerian financial institution Nova Merchant Bank says its debut N10bn bond was oversubscribed by 300 per cent. Nova says the the company’s bond offer closed on July 8, 2020 with a bond yield guidance of 12 per cent to 12.50 per cent.

On June 30, 2020, Nova has announced the opening of a N10 billion 7-Year Subordinated Unsecured Bond under its N50 billion debt issuance programme.

The transaction was Nova’s first bond issue and had received relevant approvals from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN).

The bond issue’s diversified order book included a diversified group of asset managers, insurance companies, domestic pension funds, non-financial institution corporates, high networth individuals and international fund managers.

United Capital Plc acted as the lead issuing house while Stanbic IBTC Capital, UCML Capital Limited, Emerging Africa and Greenwich Trust Limited acted as joint issuing houses.

Phillips Oduoza, Chairman of Nova Merchant Bank said: The oversubscription of this bond offer is yet another significant milestone in the history of the Bank and represents a vote of confidence by the investment community in the resilience of our business model. We will continue to march forward with confidence in the realisation of our strategic objectives.”

Nova’s chief executive officer Anya Duroha said: “The resounding success of this bond offer helps us achieve our goal to re-establish merchant banking as a key economic driver by providing long-term funds. It will also help us better meet the financing needs of our clients”.

Nova Merchant Bank Limited is a licensed, investment-grade rated merchant bank in Nigeria. It offers an integrated suite of financial solutions covering wholesale banking, investment banking, asset management, securities trading, wealth management, trade Services, deposit-taking, lending, transaction banking, cash Management and digital banking.

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