Sterling Bank Plc has said it would be raising the sum of N35 billion through series six and seven respectively of its N100 billion commercial paper programme.
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.
The bank in a release signed by the company secretary and chief legal counsel, Justinal Lewa said, “Following the successful establishment of its N100 billion Commercial paper programme on December 13, 2016, Sterling Bank is set to issue up to N35 billion in series six and series seven commercial paper under the CP programme.”
It stated that the proceeds of the CPs were intended to boost the working capital financing needs of the bank.
According to the bank, the series six CP was to be issued for a tenor of 177 days at a yield of 13.6300 per cent, whilst the series seven CP was to be issued for a 268 days tenor at a yield of 13.9699 per cent.
It stated that the CP offers were targeted at institutional investors such as pension and non-pension asset managers, as well as eligible high net worth investors.
Speaking on the bank’s performance for half year ended June 30, 2018, the managing director/CEO of Sterling Bank, Mr. Abubakar Suleiman, said in line with the bank’s digitisation drive and its promise to continuously innovate to meet its customers’ evolving needs, it launched Sterling One Pay, an upgrade of its mobile and internet banking solution.
He said that One Pay was designed to create an Omni channel experience for users by integrating both web-based Internet and mobile banking solutions.
According to Suleiman,“We concluded collaborative workshops on three of our five focus sectors with the objective of de-risking the businesses and improving their access to capital.”
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