FMDQ admits FBNQuest Merchant Bank’s N7.34b CP
FMDQ Securities Exchange Limited has approved the quotation of the FBNQuest Merchant Bank Limited ₦7.34 billion Commercial Paper (CP) on its platform.
The Series 19 CP under the bank’s ₦100.00 billion CP Programme is expected to support the issuer’s short-term funding requirements.
According to FMDQ, the timely admission of this CP issue and other securities on its platform is reflective of the potential of the Nigerian debt capital market and the commendable level of confidence demonstrated by both issuers and investors in the market.
FMDQ said the CP would be availed of global visibility, continuous information disclosure to protect investors’ interest and credible price formation among other benefits derived from the platform.
“FMDQ is committed to actualising its mandate to propel businesses, corporates, and government entities towards achieving their funding objectives, whilst ensuring prosperity within the Nigerian financial markets and the wider economy,” it added.
Speaking at the latest edition of the Leading Conversation with FBNQuest Webinar series, Head Capital Markets, FBNQuest, Oluseun Olatidoye, said many companies do not take advantage of Nigeria’s growing CP and bond market to access stable funds that match their capital needs.
“Even though interest rates have trended higher in the first quarter of this year, there is still significant scope for many companies to access cheaper and more stable funding from investors who are seeking well-run businesses with predictable cash flows to invest in,” he said.
SOURCE: THE GUARDIAN