Investors Dump N15 Billion on United Capital Series 3 Commercial Paper

United Capital Plc has raised N15 billion through Series 3 Commercial Paper (CP) issued under a N20 billion programme registered with the FMDQ Securities Exchange.

The company announced this through a statement forwarded to the Nigerian Stock Exchange.

According to the statement, the Series 3 270-day issuance at a yield of 1.26 percent had 112 percent subscriptions from a pool of institutional investors, especially Asset Managers.

The statement reads in part, “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. FSDH Capital Limited, United Capital Plc, and UCML Capital Limited acted as Arrangers to the transaction.”

Speaking on the success of the commercial paper, Mr. Peter Ashade, the Chief Executive Officer, United Capital Plc, said “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. FSDH Capital Limited, United Capital Plc, and UCML Capital Limited acted as Arrangers to the transaction.”