This archive report was first published on 25 September 2019.
CIC Insurance Group has successfully issued a KSh5 billion five-year Medium Term Note (MTN) in 2014, which has now matured.
Issued on October 8, 2014, at a 13 percent interest rate per annum, the note was structured to make semi-annual interest payments.
On the maturity date of October 2, 2019, the notes will be redeemed at a par value of KSh100,000 each, with accrued and unpaid interest also being disbursed to the Noteholders.
Trading in the notes will cease at the Nairobi Securities Exchange (NSE) on September 27, 2019, with delisting from the corporate bonds' list occurring upon redemption.
Medium-term notes are short-term investments with a maturity of 5-10 years, providing a relatively stable source of income for investors.
