Sycamore Raises N6.89bn in Oversubscribed CP Issuance

Sycamore Integrated Solutions Limited raised N6.89 billion through its Series 1 commercial paper issuance, significantly oversubscribing by 230% against a target of N3 billion. This issuance is part of a broader N20 billion commercial paper program arranged by BA Capital Limited, with a maturity period extending from March 9, 2023, to March 20, 2026.

The funds will be utilized to expand Sycamore's loan book and provide access to credit for business growth across Nigeria. Babatunde Akin-Moses, co-founder and CEO of Sycamore, stated that the outcome reflects investor confidence in the fintech issuer within Nigeria's debt capital market.

Yinka Adetuberu, Managing Director of BA Capital Limited, noted that the results indicate sustained demand for quality issuances in the market, driven by current interest rate levels and investor preferences for short-duration yield-accretive instruments.