Standchart lists 350 billion cedis Medium Term Note

Accra, Dec. 8, GNA - The Ghana Stock Exchange (GSE) on Friday admitted to its official list Standard Chartered Bank (Ghana) Limited's 350 billion cedis Medium Term Note.

The Medium Term Note is the first tranche of 750 billion cedis to be issued in a shelf registration over a 36-month period. A statement issued by the GSE gave the title as SCBGL 01 Notes and the issue price as 100 per cent of the nominal amount. It has a floating rate of the 91-day Treasury Bill Rate plus 200 basis points per annum, which is to be applied subject to a minimum rate of 10 per cent per annum.

The purpose is to maintain and diversify alternative funding resources, continue to finance growth of SCB's assets (loans) and extend the maturity profile of the Bank's liabilities (borrowing) in line with that of its assets.

The Note Maturity date was given as December 2008. Payment of interest for the first tranche of 350 billion cedis would be quarterly in arrears starting from March 2006. NTHC Securities and SDC Brokerage Services Limited are the placing agents. 08 Dec. 06