Emerging Africa Capital Commercial Papers Record 125% Subscription

Emerging Africa Capital Advisory Limited, a leading investment banking group in the African market, has announced the successful subscription of its Commercial Paper (CP) issuances, recording aching an outstanding subscription rate of 125 per cent.

This remarkable level of subscription underscores the strong confidence that investors have in the company’s impressive profile and the exceptional capabilities of its management team in delivering value to stakeholders.

The company embarked on a venture to raise N2.5 billion through its Series III, 180 days and Series IV, 268 days CP issuances and succeeded in raising N3.114 billion as part of its registered N15 billion CP Programme with the FMDQ Securities Exchange Limited.

The CP issuance achieved over-subscription by qualified institutional investors, including leading asset managers, trustees, and insurance companies.

Commenting, the Executive Vice Chairman and Group Chief Executive Officer of Emerging Africa Capital Limited, Toyin F. Sanni, expressed her delight with the overall outcome of the CP issuance.

She emphasised the caliber of investors that participated in the issuance and highlighted the company’s strategic intent to establish a reputable track record in accessing funding from the Nigerian debt capital market through successive series under the N15 billion CP.

She also extended her gratitude to FMDQ, the dealers, and investors for contributing to the success of the Series III and Series IV Commercial Paper Issuances.

Also commenting, the Chief Financial Officer, Emeka Anazodo, expressed his satisfaction with the considerable investor interest generated by the offer.

According to the company, the issuance will enable it to diversify its financing mix and address short-term working capital requirements effectively.

Emerging Africa Capital Advisory Limited acted as Lead Arranger & Dealer whilst Afrinvest Capital Limited, CardinalStone Partners Limited, Coronation Merchant Bank, and Nova Merchant Bank were Joint Arrangers on the CP transaction.

Emerging Africa Capital Limited, as the parent company, strategically coordinates the activities of the Emerging Africa Group and its primary subsidiaries: Emerging Africa Capital Advisory Limited, Emerging Africa Trustees Limited, and Emerging Africa Asset Management Limited. These subsidiaries are licensed by the Securities and Exchange Commission (SEC) to provide specialised services such as issuing house/underwriting, trust, and asset management. The group’s diverse businesses encompass infrastructure finance, financial technology, microfinance banking, and capacity building.

The company is dedicated to advancing Africa’s economy through innovative financing and investment solutions, with a strong focus on Environmental, Social, and Governance (ESG) principles. Leveraging its talent, innovation, and collaborative efforts, Emerging Africa Capital is committed to driving sustainable growth in the region.