By Chinwendu Obienyi
FMDQ Securities Exchange Limited has approved the quotation of the Coronation Merchant Bank (MB) Limited N11.36 billion Series 18 Commercial Papers (CP) under its N100.00 billion CP Issuance Programme on its platform.
Coronation Merchant Bank Limited had in 2018, joined the league of other companies whose debt profiles have been raised via the value-packed quotations service offered by FMDQ Exchange.
The continuous admission of securities to FMDQ Exchange’s 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.
The Coronation MB CP, which was co-sponsored on the exchange by Coronation Merchant Bank Limited and Chapel Hill Denham Advisory Limited, Registration Member (Quotations) of FMDQ Exchange, will be availed all the benefits of FMDQ Exchange’s prestigious quotations service, including global visibility through its website and systems, governance, credible price formation and continuous information disclosure, to protect investor interest, amongst others.
According to FMDQ, the proceeds from the quotation of this CP will be used to finance the Issuer’s working capital requirements. The exchange further said that as the market participants and a host of other stakeholders continue to meet their funding needs effectively and invariably con- tribute to the development of the nation’s capital markets through its platform, it remains committed to taking crucial steps, in close collaboration with market stakeholders, to deliver on its agenda of making the Nigerian financial markets globally competitive, operationally excellent, liquid and diverse.
FMDQ Group, Africa’s first vertically integrated financial market infrastructure (FMI) group – with its wholly owned Exchange, Central Counterparty and Depository – is a one-stop platform for the seamless and cost-efficient execution, risk management, clearing, settlement and depository services, as well as data and information services across the debt capital, foreign exchange and derivatives markets in Nigeria.