C & I Leasing

C&I Leasing Plc has issued a N10 billion Series 5 commercial paper (CP) under its N50 billion issuance programme, as part of its efforts to optimize its working capital and refinance high-interest short-term borrowings. Key Highlights: - N10 billion commercial paper issuance to optimize working capital - Issue price: N1,000, tenor: 269 days, funding date: March 17, 2025 - Implied yield: 27%, discount rate: 22.519% - Strong revenue growth but shrinking profitability, with pre-tax profit margin falling to 6% - Total assets grew by 44%, largely due to foreign currency translation effects - Commercial paper outstanding declined sharply, while total borrowings surged by 21% - Operating cash flow dropped significantly due to heavy commercial paper repayment.