FMDQ Securities Exchange Limited has announced the admission of Coronation Merchant Bank Commercial Papers worth a combined total of N3.63 billion on its platform.
According to a disclosure by FMDQ Exchange, the admitted CPs are; a N1.29 billion Series 11 and N2.34 billion series 12 commercial papers, which are part of a N100 billion CP issuance programme ecosystem.
As part of the regulatory requirements, the admission of the aforementioned CPs is sequel to approval by the Board Listings, Markets and Technology Committee of FMDQ.
The need to raise short–term capital through the CP issuance became imperative due to the impact of the pandemic on the income of most businesses.
What this means: The quotation is most likely to serve as liquidity buffers to Coronation Merchant Bank, providing short-term funds through alternative financing options, to plug capital shortfalls and sustain its business activities.
What you should know
- Nairametrics had earlier reported the admission of Total Nigeria Plc, Mixta Real Estate and Valency Agro Nigeria Limited Commercial Papers on the FMDQ Securities Exchange platform.
- FMDQ Securities Exchange Limited has so far announced the admission of six (6) Commercial Papers valued at N22.29 billion in 2021.
- By the virtue of its admission to the FMDQ platform, the recent CP will enjoy value-driven services such as global visibility, liquidity credible price formation and continuous information disclosure.
- Coronation Merchant Bank Limited provides merchant banking services, such as; assets/fund management services, securities trading, treasury services etc., to corporate institutions, institutional investors and high net worth individuals.