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Stanbic IBTC Begins Sale of N20bn Series 3 Commercial Paper

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Stanbic IBTC bank

By Dipo Olowookere

Stanbic IBTC Bank Plc has commenced the sale of its series 3 commercial paper under its N100 billion multicurrency commercial paper programme.

The financial institution intends to sell N20 billion worth of the corporate debt instrument to interested investors in a period of one week.

Subscription for the commercial paper commenced on Thursday, January 20, 2022, and will end on Thursday, January 27, 2022, according to details of the exercise obtained by Business Post.

It was gathered that the tenor of the commercial paper is 269 days, maturing on Thursday, October 27, 2022, and it is with a discount rate of 9.00 per cent and an implied yield of 9.64 per cent.

Subscription for the Stanbic IBTC series 3 commercial paper is a minimum of N5 million and subsequent addition of N1 million.

According to the programme memorandum, the net proceeds from the paper would be used solely to support the company’s short-term funding requirements, as part of its asset and liability management strategy for its banking operations.

As for the payment at maturity, the issuer said only noteholders named in the register as at the close of business on the relevant last day “shall be entitled to payment of amounts due and payable in respect of notes.”

Stanbic IBTC Bank PLC emerged from the merger of Stanbic Bank Nigeria Limited with IBTC Chartered Bank Plc in September 2007.

IBTC Chartered Bank Plc was itself a merger of three institutions (Investment Banking &Trust Company Plc (IBTC Bank), Chartered Bank Plc. and Regent Bank Plc.).

Stanbic IBTC Bank offers its clients a wide range of commercial banking products through its 180 branches spread across every state in Nigeria, and via a range of self-service channels powered by sophisticated technology to bring convenient banking to clients.

The lender is also a key player in financial inclusion and is poised to take banking to the doorsteps of its clients in different personal and business categories who desire bespoke banking services.

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Guinness Plc loses over N21 billion in market value, as share price declines to N88.2

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Guinness Nigeria

At the end of yesterday’s trading session, Guinness Nigeria Plc’s share price depreciated by 10.00% to close at N88.20 per share, taking the market capitalization to N193.19 billion.

The decline in share prices which was recorded by the FMCGs company can be attributed to investors’ negative sentiment which triggered sell-offs plunging the company’s value down by 1000 basis points.

Hence, the sell-pressures in the shares of the company resulted in a loss of N21.47 billion in market capitalization at the close of trading activities on Nigeria’s stock exchange.

The shares of the quoted brewery decreased from N98.00 per share at the start of the trading day to N88.20 per share, the lowest price traded at the close of the market, to represent a decline of 10.00% which in monetary terms is N9.80.

Stock performance summary

  • The profit-taking witnessed in the shares of Guinness Nigeria Plc negatively influenced the company’s market capitalization from N214.66 billion to N193.19 billion at the end of the day’s trading activities, taking the loss to N21.47 billion.
  • The shares of the company have gained 126.15% from year-to-date, starting the year at N39.00 and currently traded at N88.20. The company’s shares are currently trading 19.82% lower than its 52-week high at N110.00. However, the shares of the company have returned about 204.14% gains for investors who bought them at their 52-week low trading price of N29.00 per share.
  • During the day’s trading hours, 385,413 ordinary shares of Guinness Nigeria Plc worth about N34.37 million, were exchanged in 48 executed deals.
  • In comparison, the shares of International Breweries Plc and Champion Breweries Plc declined by 2.44% and 2.56%, respectively, to close at N8.00 and N3.80. While Nigerian Breweries Plc remained unchanged to close at N77.00

What you should know

At the end of the day’s trading activities, the NGX All-Share Index and market capitalization depreciated by 1.82% from the previous trading day, to close at 51,949.64 index points and N28.01 trillion respectively.

... Guinness Plc loses over N21 billion in market value, as share price declines to N88.2 Read More on ... Naijaonpoint.

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Bitcoin․com’s Director of Engineering Answers Verse Questions in AMA

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ama

With the Verse token sale slated for June, and registration already open at getverse.com, Bitcoin.com’s Head of Financial Services Corbin Fraser hosted an ‘Ask-Me-Anything’ with special guest Director of Engineering Andrei Terentiev.

Addressing questions submitted across Twitter, Discord, and Telegram, the AMA premiered today and can be viewed in its entirety here.

Topics addressed in Bitcoin.com’s Verse AMA included:

VERSE is a rewards and utility token for users who contribute to and participate in the Bitcoin.com ecosystem, which includes over 30 million wallets and more than five million monthly active users across various products and services. Verse will launch following the conclusion of the token sale, which starts in late June. More details can be found at the Verse website, where whitelisting for the token sale is now live.

 

Image Credits: Shutterstock, Pixabay, Wiki Commons

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