MTN Nigeria Communications Plc has successfully completed its Series 11 and 12 Commercial Paper (CP) issuance, raising N75.18 billion, 150% of its initial target of N50 billion.
The issuance, part of MTN Nigeria’s N250 billion Commercial Paper Issuance Programme, saw strong demand from institutional investors, including asset managers, banks, and insurance companies.
The high yield of 27.50% for the 181-day CP and 29.00% for the 265-day CP reflects current market conditions, with increasing interest rates due to inflation and exchange rate pressures.
Funds raised will support MTN Nigeria’s short-term working capital needs, demonstrating effective capital management amid challenging economic conditions.