Coronation Merchant Bank Limited CPs admitted on the FMDQ platform

Charles Abuede

The FMDQ Securities Exchange Limited, Nigeria’s Over-The-Counter (OTC) securities exchange platform has approved the quotation of Coronation Merchant Bank (CMB) 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, both under its N100 billion CP Programme on its platform.

The leading merchant bank in Nigeria in a disclosure revealed that the net proceeds from these commercial papers (CPs) will support the Issuer’s short term funding requirements while it still aims to place its clients ahead of the curve in their sphere of operations.

The Coronation Merchant Bank’s commercial paper issues were sponsored on the OTC exchange by Chapel Hill Denham Advisory Limited, a Registration Member (Quotation) of the FMDQ Exchange, as a tradition for the exchange and shall be availed global visibility through the FMDQ’s website and systems, governance and continuous information disclosure to protect investors’ interest, credible price formation, amongst other benefits derived from the platform of Africa’s first vertically integrated financial market infrastructure (FMI) group.

Banjo Adegbohungbe, the MD/CEO, Coronation Merchant Bank Limited, while commenting on the completion of the commercial papers quotation, 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 Commercial Papers. This transaction further underscores the confidence of investors in our brand and entrenches our continued leadership in the use of market instruments to create shared prosperity for all stakeholders”.

Meanwhile, the timely admission of these CP issues, and in general, all securities on the FMDQ Exchange, is a testament of the efficiency of the FMDQ Exchange securities quotation process.