- Greenwich Merchant Bank’s maiden CP Issuance was 22.00% oversubscribed.
- The quotation of the CPs on the FMDQ Exchange will aid transparency and liquidity, further deepening the domestic debt markets.
- There is growing interest in corporate entities in the CP market to finance short-term funding and liquidity requirements.
FMDQ Securities Exchange Limited (FMDQ) has announced the approval for the quotation of the Greenwich Merchant Bank Limited N12.20 billion Series 1 and Series 2 Commercial Papers under its N100.00 billion CP Issuance Programme on its Platform.
This is contained in a statement from FMDQ and made available to Nairametrics.
FMDQ noted that to guarantee sustained business operations in the current challenging economic environment, corporate institutions have continued to explore alternative financing options by tapping the debt capital market to plug capital shortfalls.
22.00% oversubscribed: The Group Managing Director/Chief Executive Officer, of Greenwich Merchant Bank, Mr. Bayo Rotimi speaking on the development stated that Greenwich Merchant Bank’s maiden CP Issuance was 22.00% oversubscribed with orders of over N12.20 billion, confirming the strength of the company’s value proposition to the Nigerian economy.
- “We remain committed to delivering innovative and cutting-edge financial solutions to discerning issuers and investors towards creating viable alternatives and deepening the Nigerian capital markets,” he said.
Transparency and liquidity: The Executive Director, Stanbic IBTC Capital Limited, Mrs. Oyinda Akinyemi, stated that Stanbic IBTC Capital is pleased to have acted as Lead Arranger/Issuing and Paying Agent to the debut CP Issuances by Greenwich Merchant Bank.
- “As the leading investment banking franchise in Nigeria, we pride ourselves in bringing new Issuers to the debt markets. The remarkable success of this transaction is reflected in the strong participation of a diverse group of investors. The quotation of these CPs on the FMDQ Exchange will aid transparency and liquidity, further deepening the domestic debt markets. We thank the Board and Management of Greenwich Merchant Bank for trusting the team of professional advisers to deliver a successful transaction.”
Ms. Tumi Sekoni, Managing Director, FMDQ Exchange, represented by Ms. Jumoke Olaniyan, Senior Vice President, Business Development Division, FMDQ Exchange, congratulated the Issuer and other parties for the remarkable job well done towards ensuring the success of the issuances.
Olaniyan further noted that with the growing interest of corporate entities in the CP market to finance short-term funding and liquidity requirements through the debt markets, FMDQ Exchange will continue to maintain a dependable and resilient platform for the quotation of CPs, thereby facilitating uninterrupted access to capital for businesses.
What you should know
Greenwich Merchant Bank Limited is one of the Nigerian financial institutions that provide a wide array of banking and financial services to corporate organizations, high-net-worth individuals, and institutional clients.
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