Access Bank plans to raise up to 194 billion naira through the issuance of series 3 and 4 commercial paper (CP). This issue is part of its 400 billion naira commercial paper program

The CP issue, opened on March 20, ends on Tuesday, March 25, while the award and settlement dates are Wednesday, March 26 and Thursday, March 27.

The offer is structured in two series: Series 3 and Series 4 with varying durations and returns.

For greater clarity, the discount rate is the percentage discount applied when buying commercial paper. Instead of paying the full face value of a note, investors buy it at a lower price and receive the full value at maturity.

Access Bank intends to use the proceeds from the CP issuance to meet short-term financing needs, including working capital needs and general business needs.