Nigeria: FMDQ Admits MTN, Coronation Merchant Bank's Commercial Papers

17 May 2021

FMDQ Securities Exchange Limited has approved the quotation of the MTN Nigeria Communications Plc N19.77 billion Series 3 and N53.74 billion Series 4 Commercial Papers (CPs) under its N200 billion CP Issuance Programme.

The exchange also approved the quotation of the Coronation Merchant Bank Limited N0.71 billion Series 13 and N14.13 billion Series 14 Commercial Papers (CPs) in March 2021, and the N1.41 billion Series 15 and N20.19 billion Series 16 CPs in May 2021, under its N100 billion CP Programme.

Commenting on the development, the Chief Financial Officer, MTN Nigeria, Mr. Modupe Kadiri, said: "MTN Nigeria is very pleased with the success of our series 3 and Series 4 CP issuances, which further diversify our funding sources, help to optimise our finance cost and strengthen the Nigerian financial markets. The issuance was well received by the market, with strong participation from a diverse group of investors, signifying the market's continued confidence in our business.

"By quoting these CPs on FMDQ Exchange, we are able to provide investors with a strong platform for liquidity and price discovery. Proceeds from the issuance will be deployed towards the company's working capital and general corporate purposes."

Also commenting on the completion of the CP quotation, the Managing Director/CEO, Coronation Merchant Bank Limited, Banjo Adegbohungbe, said: "we are delighted at the successful issuance and subsequent quotation of the Bank's N0.71 billion Series 13 and N14.13 billion Series 14 CPs. This transaction further underscores the confidence of investors in our brand and entrenches our continuous leadership in the use of market instruments to create shared prosperity for all stakeholders."

FMDQ said the timely admission of the CP issues, and in general, all securities on the exchange was a testament of the efficiency of the exchange's securities quotation process.

"As is tradition for FMDQ Exchange, the Coronation Merchant Bank CPs, which were sponsored on the Exchange by Chapel Hill Denham Advisory Limited, a Registration Member (Quotation) of FMDQ Exchange, shall be availed global visibility through the Exchange's website and systems, governance and continuous information disclosure to protect investors' interest, credible price formation, amongst other benefits derived from the FMDQ Exchange platform," it said.

According to the exchange, as part of its mandate to organise and govern markets within its purview, and promote credibility and transparency in the Nigerian debt capital market space, it shall continue provide an innovative and efficient platform targeted at supporting the aspirations of institutions and governments, and making the Nigerian financial markets globally competitive, operationally excellent, liquid and diverse.

FMDQ Group is Africa's first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing & quotation services, seamless trading, clearing, settlement, risk management, and depository of financial market transactions, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries.

More From: This Day

Don't Miss

AllAfrica publishes around 900 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.

X