Union Bank announces issuance of N20bn Series 3 & 4 CPs – Union Bank Plc, one of the oldest banking franchise in Nigeria and most respected financial institutions, established in 1917, has announced the issuance of up N20 billion in series 3 ans 4 Commercial Papers (CP).
Recall the successful registration of Union Bank’s N100 billion Commercial Paper Programme in 2018 and following the debut issuance of series 1 and 2 for which the bank succesfullly raised N24.3 billion in January 2019. The bank has hit the market with its Series 3 and 4 CP issuance.
The offers of the new Series 3 and 4 opened on January 16, 2020 and will close on January 20, 2020 and it is for 180 days and 268 days respectively.
“The 180-day and 268-day offer for the Series 3 and 4 respectively, opened on January 16, 2020 and is scheduled to close on January 21, 2020, with a target issuance size of N20 billion across both tenors. The CP offer is targeted at institutional investors including pension and non-pension asset managers, as well as eligible high net-worth investors”.
The funds to be raised from the CP is expected to provide the bank with working capital for its operations.
“The new funding is expected to provide the Bank with further working capital as it delivers on its promise to be Nigeria’s most trusted and reliable banking partner.
“Stanbic IBTC Capital Limited and Union Capital Markets Limited are the Dealers on the Commercial Paper Issuance by the Bank. The Commercial Paper will be listed on the FMDQ OTC Securities Exchange platform.
“Union Bank is one of Nigeria’s leading financial service institutions, with approximately 5.6 million active customers serviced across 280 branches and cash centres nationwide, an asset base of over N1.8 trillion and total equity in excess of N240 billion as at September 30, 2019. The Bank has been assigned ratings of A – (Agusto & Co.); A – (DataPro); BBB+ (GCR)”.
More information can be found at: www.unionbankng.com Media Enquiries: Email [email protected]
The banks notification, dated January 17, 2020 was signed by Somuyiwa Sonubi, the Company Secretary.
About Union Bank of Nigeria, PLC
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank has a network of over 280 Sales and Service Centers across Nigeria. Following recapitalisation in 2012 from new investors and a new Executive Management team, Union Bank has undergone an award-winning transformation programme to re-establish the bank as a leading provider of financial services in Nigeria. Union Bank is focused on Retail, Commercial and Corporate Banking businesses. In addition to standard current and savings product portfolio, Union Bank has launched pioneering products into the Nigerian retail market including Union Korrect, Union Goal and Union Betta.