SCB, issuing house serves as joint arranger for Guinness N10b CP
STANDARD Chartered Bank Nigeria Limited (SCB) and Standard Chartered Securities Nigeria Limited have acted as joint issuing house for the N10billion domestic Commercial Paper (CP) issuance programme for Guinness Nigeria.
The N10billion commercial paper programme represents the first CP programme to be established by a (non-financial institution) corporate issuer following the new guidelines on commercial paper from the Central Bank of Nigeria, published in 2009.
The transaction was sealed at a formal signing ceremony in Lagos recently, under the supervision of the representatives of the FMDQ OTC, a Securities and Exchange Commission licensed over-the-counter.
Commenting on the transaction, the Chief Executive Officer, Standard Chartered Bank Nigeria Limited said, “Standard Chartered is proud to have played a leading role in supporting this ground breaking Commercial Paper programme for Guinness Nigeria Plc.
“This first of its kind transaction, following the new CBN guidelines, creates a template for other similar transactions. We believe this is the beginning of many more opportunities to support institutional growth for our clients and the continuous development of the economy at large.
This is clearly in line with our commitment to be “here for good”.