FSDH Merchant Bank Selling N20bn Commercial Papers Series

FSDH Merchant Bank Selling N20bn Commercial Papers Series

FSDH Merchant Bank Limited has started offering series 6 (181-day tenor) and series 7 (268-day tenor) commercial papers with a target size of up to ₦20 billion across all tenors under its ₦40 billion commercial paper issuance programme.

According to a statement from Broadstreet, the merchant banking firm offers opened on January 26 and would close on January 31 with a settlement on February 1, 2022.

The 181-day and 268-day tenor commercial papers are being issued at discount rates of 9.0000 per cent and 9.7484 per cent, with implied yields of 9.4204 per cent and 10.5000 per cent, respectively.

The discount rate looks appealing when compared with similar instrument spot price in the Nigerian debt capital market, analysts told MarketForces Africa, arguing that the merchant banker commercial paper has moderated risk exposure. Read

The issuer is assigned an ‘A’ rating by Agusto and an ‘A-‘rating by GCR. The commercial paper issuance will be free and clear of withholding taxes, according to analysts. #FSDH Merchant Bank Selling N20bn Commercial Papers Series

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