Sterling Bank lists N33bn bonds on NSE, FMDQ

Sterling Bank Plc has simultaneously listed the Sterling Investment Management SPV PLC 32.90 billion Series 2 on FMDQ OTC Securities Exchange and the Nigerian Stock Exchange (NSE.)

The bond, which is unsecured with a tenor of seven years at a fixed rate of 16.50 percent is part of a N65 billion debt issuance programme of the bank to enable it finance its new business strategy and digital banking.

Under the new business strategy, Sterling Bank will build expertise in the sectors that are at its heart. They include health, education, agriculture, renewable energy and transportation because of the strong belief that this will positively impact the society where it is operating.

Speaking at the NSE and FMDQ, Mr. Abubakar Suleiman, Managing Director and Chief Executive said, “We are pleased to list the Sterling SPV Bond on FMDQ.”

He added that the “success of the bond reflected the increasing appetite of local institutional investors for long term debt instruments, remarking that they are happy with the very strong outcome which shows investors’ confidence in Sterling Bank Plc and further strengthens and diversifies our corporate funding strategy.”

He said the bank looked forward to same peerless support in its future bond issues and appreciated FMDQ for its strategic role in deepening the Nigerian DCM by facilitating active secondary market trades and promoting the transparency of the listed instruments.

Ms. Tumi Sekoni, Associate Executive Director, Capital Markets, FMDQ, congratulated the issuer for having successfully raised N32.90 billion from the Nigerian debt market.