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Coronation Merchant Bank seeks N25b short-term debts

Coronation Merchant Bank Limited has launched two new tranches of commercial papers to raise about N25 billion. The series 19 and 20 commercial paper issuances are being issued under the bank’s N100 billion commercial paper programme and will be issued across 180 and 270 day tenors for a target amount of up to N25 billion. Coronation Merchant Bank is offering its Series 19 commercial paper as a 180-day issue with yield of 11.9108 percent. It is also offering Series 20 with a tenor of 270 days at a yield of 13.5311 percent Discount rate for Series 19 is 11.2500 percent while the discount rate for the Series 20 is 12.3000 per cent.

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