Sterling Bank lists N8 billion bond on NSE
Sterling Investment Management SPV Plc, a special purpose vehicle floated by Sterling Bank Plc, at the weekend listed its ₦8 billion bond on the Nigerian Stock Exchange (NSE).
A total of 7.965 million units were listed at par value of N100 at the weekend.
Sterling Investment Management SPV’s ₦7.965 billion bond is a seven-year 16.50 per cent fixed rate unsecured bond due in 2023. The ₦7.965 billion maiden issuance is part of Sterling Bank’s ₦65 billion debt issuance programme.
The SPV is a tier-11 capital raising programme for Sterling Bank, a creative way to shield the bank from unnecessary regulatory and market issues while having access to the much-needed capital.
Global Credit Ratings (GCR) had accorded a final, public national scale long term rating of BBB (NG) to the ₦7.965 billion bond; with the outlook accorded as stable. The rating is valid until August 31, 2017.
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