TrustBanc Launches N20bn Commercial Paper Issuance

TrustBanc Holdings Limited has announced the launch of a N20 billion commercial paper issuance under its N100 billion programme, as it seeks to strengthen its short-term funding position.

The offer, which opened on March 12, is scheduled to close on March 23, with two series available to investors.

Series 1 has a tenor of 268 days, while Series 2 runs for 364 days. The instruments are priced at discount rates of 18.5687 per cent and 19.0383 per cent respectively, with implied yields of 21.00 per cent and 23.50 per cent.

The company said proceeds from the issuance will be used to support working capital and general corporate purposes.

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TrustBanc, a diversified financial services group, operates across asset management, corporate finance, microfinance, and foreign exchange services through its subsidiaries.

The firm has demonstrated consistent financial growth, with profit after tax rising significantly in recent years, driven largely by strong interest income performance.

Its total assets have also expanded, supported by increased investment in financial instruments, while maintaining a solid capital base.

The issuance offers higher yields compared to government treasury instruments, reflecting prevailing market conditions and the company’s credit profile.

The company’s ratings indicate strong capacity to meet its short-term obligations, supported by its track record in the debt market and improving financial performance.