Two series of commercial papers (CPs) with a combined value of N25 billion and a fixed rate bond also valued at N25 billion belonging to Coronation Merchant Bank have been admitted and listed respectively on the FMDQ OTC Securities Exchange, the wholesale banker said in a statement obtained by Business A.M.
The bank’s CPs admitted by the exchange are the N1.29 billion Series 19 and N23.71 billion Series 20 Commercial Papers (CPs) under its N100 billion CP Issuance Programme, the proceeds of which Coronation MB plans to use to support its short-term funding requirements.
The board listing and markets committee of the exchange approved the listing of the Coronation MB Funding SPV Plc N25 billion Series 1 Fixed Rate Bond under its N100 billion Bond Issuance Programme on the exchange. The merchant bank funding SPV Plc is a special purpose vehicle set up to raise capital from the Nigerian debt capital market for Coronation Merchant Bank.
The bond was sponsored by FBNQuest Merchant Bank and the issuance is expected to enhance the liquidity buffers of Coronation MB, a key player in the Nigerian corporate banking, asset, and fund management and securities trading sector.
Also, the commercial papers were jointly sponsored by Coronation Merchant Bank Limited and Chapel Hill Denham Advisory Limited.
According to FMDQ, the listing is part of its commitment to continually deliver exceptional value to the Nigerian financial markets and its stakeholders while also continuing to validate its operational mandate of aligning the markets within its purview to international standards, striving to ensure they emerge as globally competitive, operationally excellent, liquid, and diverse.
FMDQ said it has continued to maintain its support for the deepening of the Nigerian Debt Capital Market (DCM) through the offerings of its unique listing and quotation services.
