Nova Merchant Bank is leveraging on technologies to deliver world class end to end financial services solutions covering corporate banking, investment banking and so on, according to Anya Duroha, chief executive officer/managing director of the bank.
Duroha at the virtual pressing briefing organized by the bank, yesterday, said that the bank was not deterred by the COVID-19 pandemic, adding that in the midst of the prevailing turbulent situation in the global economy, it identified opportunities it decided to exploit.
He also spoke on the successful issuance of its N10 billion 7-Year Subordinated Unsecured Bond under its N50 billion debt issuance programme, which was was oversubscribed by 300 per cent.
“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”. Duroha said.
The offer which opened on June 30, 2020 following relevant approval from the Securities & Exchange Commission(SEC) and the Central Bank of Nigeria (CBN), closed on July 8, 2020 with a bond yield guidance of 12 percent to 12.50 percent.
This is one of the major corporate bond issuances by a Merchant Bank in Nigeria’s capital market, thus reflecting NOVA’s strong credit quality as well as the resilience of its business model despite current global challenges.
And in spite of volatility in markets due to COVID-19 pandemic, the transaction was highly demanded with a diversified order book made up of discerning investors including asset managers, insurance companies, domestic pension funds, non-financial institution corporates, high networth individuals as well as international fund managers.
