Stanbic Bank Opens N50bn Commercial Paper for Subscription at 20.76%
Stanbic IBTC Bank Limited has opened up to N50 billion in commercial paper for subscription at a discount rate of 20.76%, according to a document released by Cordros Capital Limited.
The financial services company is in the market to raise up to N50 billion in Series 2 commercial paper via an offer for subscription that opened on April 22 and is set to close on April 24.
The offer document showed that investors are allowed to make a minimum subscription of N5 million and subsequent additions of N1000 at a 24.50% implied yield.
The commercial paper will be officially issued to successful investors on April 28 for a 268-day maturity ending on January 15, 2026. Cordros Capital Limited pegs brokerage commission on investors subscription at 0.5% #Stanbic Bank Opens N50bn Commercial Paper for Subscription at 20.76%
