FMDQ Exchange admits Coronation MB’s N3.63bn commercial paper


’Femi Asu

FMDQ Securities Exchange Limited says it has admitted Coronation Merchant Bank N1.29bn Series 11 and N2.34bn Series 12 Commercial Paper under its N100.00bn CP Issuance Programme on its platform.

It said six CPs valued at N22.29bn had been admitted so far in 2021, as corporate institutions continued to explore alternative financing options by tapping the debt capital market to sustain their business activities and plug capital shortfalls.

FMDQ Exchange said in a statement on Thursday that the quotation of Coronation MB’s CP would serve to enhance its liquidity buffers as it seeks to achieve its corporate objectives.

READ  Investors lose N426bn as 37 stocks post decline

It said the continuous admission of securities to its platform was reflective of the potential of the Nigerian DCM and the commendable level of confidence demonstrated by both issuers and investors in the market.

It said, “It also validates the efficient processes and integrated systems operated by FMDQ Holdings Plc, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited – and how these have sustained its uninterrupted service delivery to the market and its diverse stakeholders.

READ  Flour Mills floats bond on FMDQ

“In line with the value proposition of FMDQ Exchange, the CP shall be availed the benefits of the value-driven quotations service on the Exchange, including global visibility through its website and systems, liquidity credible price formation and continuous information disclosure through FMDQ’s Quoted Commercial Paper Status Report, to protect investor interest, amongst others.”

According to the statement, Coronation Merchant Bank provides merchant banking services, which include assets/fund management services, securities trading, treasury services, investment banking and corporate banking services to corporate institutions, institutional investors and high net worth individuals.

READ  Court adjourns investment fraud case against firm

“The bank aims to place its clients ahead of the curve in their sphere of operations and by so doing, deliver sustainable value to its shareholders whilst positively impacting on the Nigerian economy,” it added.

Copyright PUNCH.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.


< p style="text-align: justify;"> < p style="text-align: justify;"> < p style="text-align: justify;">


Be the first to comment

Leave a Reply