- FMDQ OTC Plc, on Monday, admitted the FCMB Plc’s ₦26 billion SPV fixed rate unsecured bond due for Nov 20, 2021, under the bank`s ₦100 billion debt issuance programme in its platform.
- The development was on the heels of the listings of the N30.5 billion UBA bond, N15.54billion Stanbic IBTC bond, N4.8trillion FGN bonds and quotation of N2.8trillion Nigerian treasury bills respectively, on the OTC securities exchange.
- Speaking at the ceremony, the Group Head, Business Development at FMDQ, Ms Tumi Sekoni pointed out that listing of debt securities on the OTC securities exchange provides a wide range of benefits across the debt market value chain, amongst which are global visibility, transparency, improved secondary market liquidity, price formation and benchmark pricing.
- She noted that as an OTC securities exchange, focused primarily on the debt capital market, with a commitment to facilitate growth and development in the financial market, FMDQ remains resolute to promoting an efficient, transparent and well regulated market, which will attract and retain investors (domestic and foreign).
- The Group Managing Director, FCMB Ltd, Ladi Balogun explained that the bond issue serves as tier 11 capital, which provides long term capital to support growth, as well as reinforces the bank’s commitment to its customer at this challenging times.
- He said that another significance of listing the FCMB SPV bond on the FMDQ platform was hinged on the availability of a readily accessible liquid market to the bondholders, where the value of their investments can easily be determined and monitored on a daily basis and realise their investment when necessary.
- Source:NAN
FMDQ Admits FCMB’s N26 Billion SPV Bond
