The offer was well received by the market with active participation from a diverse range of high-value investors, including Corporates, other Financial Institutions, Trustees, and high net-worth individuals. The AT1 instrument was issued at a clearing coupon rate of 16.0% per annum.
The successful Series 2 Bond issuance highlights the Group’s commitment to embracing innovation in the Nigerian Banking sector and is in line with the Central Bank of Nigeria’s desire for stronger capitalized banks. The net proceeds from the Series 2 Bond will be injected to the Group’s Banking Subsidiary – First City Monument Bank Limited (“the Bank”) – enabling the Group and the Bank to execute its long-term strategic objectives.
