FMDQ Exchange lists Sterling Bank, United Capital’s N20.32b CPs

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FMDQ Exchange Limited has listed commercial papers worth N20.32 billion issued by Sterling Bank Plc and United Capital Plc, paving the way for trading in the short-term debt notes.

The new listings came on the heels of recent listing of commercial papers (CPs) and debts issued by three companies, including Flour Mills of Nigeria Plc’s bond, Nigeria Infrastructure Debt Fund and Coronation Merchant Bank Limited Commercial Paper.

FMDQ Exchange listed United Capital’s N1.35 billion Series 1 and N3.97 billion Series 2 CPs under its N20 billion CP Issuance Programme. Sterling Bank listed its N6.85 billion Series 1 Tranche A and N8.15 billion Series 2 Tranche A CPs under its N100 billion CP Issuance Programme.

FMDQ Exchange stated that despite the economic headwinds experienced by businesses around the world owing to the COVID-19 pandemic, it has continued to avail necessary support to governments, corporates and individuals through the provision of capital market solutions.

According to the Exchange, the Nigerian capital market, especially the commercial paper segment, has in recent times provided the much-needed succor for corporate entities looking to raise funds to meet shortfalls in their working capital needs as well as capital expenditures.

These commercial papers like all other securities listed, quoted and traded on the FMDQ Exchange platform shall be availed global visibility through the FMDQ Exchange’s website and systems, transparency through its inclusion in the FMDQ daily quotations list, governance and continuous information disclosure to protect investor interest, credible price formation among other benefits derived from the preferred admission to the FMDQ Exchange platform.

“As the realities of the aftermath of the COVID-19 pandemic hit businesses, communities and individuals, FMDQ Group remains committed to the well-being of the markets and shall continue to deploy strategies to promote market development amidst the volatilities, in collaboration with market participants, towards boosting the resilience of the Nigerian financial market,” FMDQ stated.

Source: THE NATION

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