Coronation Merchant Bank Limited has announced its role as lead arranger and dealer on Coleman’s 10.005 billion Series 5 & 6 commercial paper issuance, the largest commercial paper issuance by a company in Nigeria’s cables and wires industry. The CP issuance’s success reflects the general acceptance of the Coleman brand, its strong financial performance, and the increased trust placed by the investing community in the company’s leadership and forward-thinking strategy.
Mr. George Onafowokan, Managing Director/Chief Executive Officer of Coleman Technical Industries Limited, commented on the significance of the CP Issuance, saying, “we are delighted to have successfully concluded our Series 5 & 6 commercial paper issuance in the Nigerian debt market The issuance comes at a good time for Coleman, following a strong first half of 2022 earnings and continued success in our capital management program. Diversifying our funding sources with this CP issuance at a competitive rate will help us meet our strategic goals even more effectively. We are pleased with the success of the CP Issuance and grateful to the investor community for its support.”
“We are pleased to have supported Coleman Technical Industries Limited in this largest commercial paper issuance by a cable and wires company in Nigeria,” said Banjo Adegbohungbe, Chief Executive Officer of Coronation Merchant Bank. “This issuance emphasizes the importance of the Nigerian capital market in providing funding to the private sector for long-term development. This collaboration is consistent with our commitment to providing value to our customers and assisting them in achieving their strategic objectives. We thank Coleman’s board of directors and management for their commitment and dedication throughout the process, as well as the investing community for its support of the issue.”
Coronation Merchant Bank was founded in 2015 to provide wholesale banking services to a previously underserved market. To its niche clientele, the bank provides Corporate & Investment Banking, Private Banking/Wealth Management, and Global Markets/Treasury Services. It is Nigeria’s first and only merchant bank with an international risk rating. It currently has two branches in Abuja and Port Harcourt, with its headquarters in Lagos, Nigeria.
Numerous international and national awards have been bestowed upon the bank, including Best Investment Bank in Nigeria by Global Finance, Best Investment Bank in Nigeria by World Finance, Best Investment Bank in Nigeria by Global Banking & Finance Review, Best Investment Bank by Global Business Outlook, Best Investment Bank in Nigeria by International Finance, and Best Investment Bank in Nigeria by BusinessDay Banking and Financial Institution Awards.