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Sterling Financial Holdings Bonds, 16.5% 3aug2023, NGN (1) (16.50% SIM AUG 2023, NGSIM2023S12)

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Domestic bonds, Senior Unsecured

Issue | Issuer
Issuer
  • M
    ***  | ***
    ***
  • S&P
    ***  | ***
    ***
  • F
    ***  | ***
    ***
Status
Matured
Amount
7,965,000,000 NGN
Placement
***
Redemption (put/call option)
*** (-)
ACI
Country of risk
Nigeria
Current coupon
-
Price
Yield / Duration
Calculate in two clicks! yield, duration and other parameters
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  • Placement amount
    7,965,000,000 NGN
  • Outstanding amount
    7,965,000,000 NGN
  • Face value
    1,000 NGN
  • ISIN
    NGSIM2023S12
  • CFI
    DBFUFR

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Prospectus (2 pcs.)

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Issue information

Profile
Sterling Financial Holdings Company Ltd is the preeminent investment banking establishment in Nigeria. It commenced operations as NAL Bank in 1960. Consequent on/upon the indigenization decree of 1972, the Bank became fully government owned and was ...
Sterling Financial Holdings Company Ltd is the preeminent investment banking establishment in Nigeria. It commenced operations as NAL Bank in 1960. Consequent on/upon the indigenization decree of 1972, the Bank became fully government owned and was managed in partnership with Grindlays Bank Limited, Continental International Finance Company Illinois and American Express Bank Limited between 1974 and 1992. In 1992, the Bank was partly privatized and listed as a public company on the Nigerian Stock Exchange (NSE) and in 2000 the government sold its residual interest in the bank, effectively making it a fully privatized institution. In January 2006, as part of the consolidation of the Nigerian banking industry, NAL Bank completed a merger with four other Nigerian banks namely Magnum Trust Bank, NBM Bank, Trust Bank of Africa and Indo-Nigeria Merchant Bank (INMB) and adopted the Sterling Bank name. The merged entities were successfully integrated and have operated as a consolidated group ever since. It recently assimilated the entire business interests of the defunct Equitorial Trust Bank towards the end of 2011; effectively boosting its placement in the hierarchy of respectable players in the Nigerian banking industry by all key parameters. Today, with a capital base of more than N44 billion, over N508 billion in assets and about 200 branches nationwide complemented with 200 Automated Teller Machine(ATM) points nationwide, Sterling Bank has grown into a major financial supermarket and justifiably prides itself as “The one-customer Bank” that celebrates every customer as a unique individual.
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Volume
  • Placement amount
    7,965,000,000 NGN
  • Outstanding amount
    7,965,000,000 NGN
Face value
  • Face value
    1,000 NGN
  • Outstanding face value
    *** NGN
  • Increment
    *** NGN
Listing
  • Listing

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Cash flow parameters

  • Reference rate
    ***
  • Coupon Rate
    ***
  • Day count convention
    ***
  • Business Day Convention
    Modified Following Business Day
  • Interest Accrual Date
    ***
  • Coupon frequency
    *** time(s) per year
  • Payment currency
    ***
  • Maturity date
    ***

Cash flow

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Early redemption terms

***

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Placement

  • Placement method
    Open subscription
  • Placement type
    Public
  • Placement format
    Book building
  • Order book
    *** - ***
  • Placement
    ***
  • Initial issue price (yield)
    (***%)
  • Geographic breakdown
    ***
  • Investor breakdown
    ***
  • Use of proceeds
    Investment
  • Use of proceeds description
    Proceeds will be used to purchase:
    1. 7 Year Notes issued by Sterling Bank PLC (60%); and
    2. FGN securities (40%) to be held by the Trustees on behalf of Bondholders
Participants
  • Bookrunner
    ***

Conversion and exchange

  • Conversion terms
    ***

Similar issues

Identifiers

  • State registration number
    16.50% SIM AUG 2023
  • ISIN
    NGSIM2023S12
  • Cbonds ID
    314325
  • CUSIP
    ***
  • CUSIP 144A
    ***
  • CFI
    DBFUFR
  • Type of security by CBR
    ***

Ratings

Bond classification

  • Senior Unsecured
  • Registered
  • Coupon bonds
  • Non-complex financial instruments (MiFID)
  • Amortization
  • Callable
  • CDO
  • Convertible
  • Dual currency bonds
  • Variable rate
  • For qualified investors (CIS region)
  • Foreign bonds
  • Green bonds
  • Guaranteed
  • Inflation-linked principal
  • Supranational bond issues
  • Inflation-linked coupon
  • Mortgage bonds
  • Perpetual
  • Payment-in-kind
  • Non-Marketable Securities
  • Redemption Linked
  • Restructuring
  • Retail bonds
  • Covered
  • Securitization
  • Structured product
  • Commercial Bonds
  • Subordinated
  • Sukuk
  • Trace-eligible
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Restructuring

***

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