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FMDQ Admits MTN, Coronation Merchant Bank’s Commercial Papers

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FMDQ Group - Investors King

FMDQ Securities Exchange Limited has approved the quotation of the MTN Nigeria Communications Plc N19.77 billion Series 3 and N53.74 billion Series 4 Commercial Papers (CPs) under its N200 billion CP Issuance Programme.

The exchange also approved the quotation of the Coronation Merchant Bank 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, under its N100 billion CP Programme.

Commenting on the development, the Chief Financial Officer, MTN Nigeria, Mr. Modupe Kadiri, said: “MTN Nigeria is very pleased with the success of our series 3 and Series 4 CP issuances, which further diversify our funding sources, help to optimise our finance cost and strengthen the Nigerian financial markets. The issuance was well received by the market, with strong participation from a diverse group of investors, signifying the market’s continued confidence in our business.

“By quoting these CPs on FMDQ Exchange, we are able to provide investors with a strong platform for liquidity and price discovery. Proceeds from the issuance will be deployed towards the company’s working capital and general corporate purposes.”

Also commenting on the completion of the CP quotation, the Managing Director/CEO, Coronation Merchant Bank Limited, Banjo Adegbohungbe, 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 CPs. This transaction further underscores the confidence of investors in our brand and entrenches our continuous leadership in the use of market instruments to create shared prosperity for all stakeholders.”

FMDQ said the timely admission of the CP issues, and in general, all securities on the exchange was a testament of the efficiency of the exchange’s securities quotation process.

“As is tradition for FMDQ Exchange, the Coronation Merchant Bank CPs, which were sponsored on the Exchange by Chapel Hill Denham Advisory Limited, a Registration Member (Quotation) of FMDQ Exchange, shall be availed global visibility through the Exchange’s website and systems, governance and continuous information disclosure to protect investors’ interest, credible price formation, amongst other benefits derived from the FMDQ Exchange platform,” it said.

According to the exchange, as part of its mandate to organise and govern markets within its purview, and promote credibility and transparency in the Nigerian debt capital market space, it shall continue provide an innovative and efficient platform targeted at supporting the aspirations of institutions and governments, and making the Nigerian financial markets globally competitive, operationally excellent, liquid and diverse.

FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing & quotation services, seamless trading, clearing, settlement, risk management, and depository of financial market transactions, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Bonds

Fidelity Bank to Raise U.S$500 Million for General Corporate Purposes

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fidelity bank - Investors King

Fidelity Bank, Nigeria’s leading tier-II bank, is planning to raise US$500,000,000 from the international debt capital market through an unsecured note issuance, the bank disclosed in a statement filed with the Nigerian Exchange Limited on Monday.

According to the bank, the proceeds will be used for general corporate purposes and to support its trade finance business.

The proposed aggregate offer size is US$500 million, due 2026, which will when issued ranked parri passu, without preference among themselves, with all other unsecured and unsubordinated obligations of the Bank. The lender intends to list the Notes on the Irish Stock Exchange, with the expectation that the notes will be traded on its regulated market. The Securities and Exchange Commission has confirmed that it has no objection to the transaction.

“In view of the foregoing, the Bank is pleased to notify the Nigerian Exchange Limited of planned investors meetings with respect to the Transaction scheduled to commence today October 18, 2021.

“The final decision to issue the Notes will however be subject to finalising the necessary transaction documentation and prevailing market conditions,” the bank stated.

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Bonds

$4 Billion Eurobond to Deepen External Reserves, Build Confidence in Medium-term – Ecobank CEO

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Eurobonds - Investorsking

The Cheif Executive Officer and Managing Director of Ecobnak Nigeria, Patrick Akinwuntan, has said the recent $4 billion Eurobond issued by the Federal Government of Nigeria will deepen external reserves and allows more confidence in the medium-term planning in the private sector.

Akinwuntan, who was assessing the global market as Nigeria announced its multibillion dollar Eurobond offering, during an interview on Arise TV in Lagos, said such loans would give a fresh breath to the economy because when the country takes on Euro bond that portion is reduced from its financing or public sector debt.

He advised those approaching the international debt market to have clarity of purpose and state their strengths and weaknesses.

Akinwuntan said the economy is showing strong trends owing to investments in infrastructure such as road and rail transportation, which is giving a lot of positive impact to the economy, adding that the private sector is also making improvements in power sector, telecoms, and information technology.

He said: “In the last two quarters, we have seen the global market rebounding from the very deep end of the COVID-19 that plagued 2020. We have seen, since the arrival of vaccines, the gradual opening of the global economy such that there is much more optimism in the market because we have learnt that shutting down the economy is not the best way to handle an epidemic and we have seen support from sovereigns, ensuring that there is steady growth within the various economies; supply chain has opened and we have seen in sub-Sahara Africa renewed interest in the Eurobond market in the international debt market. We have seen Benin republic, Ghana, Cote d’ivoire and Kenya all are approaching the market with significant success.

“Over subscription in each of them ranges from 200 per cent to 300 per cent and an all-high in Kenya close to 600 per cent or six times over subscription. This is a positive period for major economies like Nigeria, which is the lead economy in Africa, to take advantage and invite the global community to hear our story, invest in us and get good returns.”

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Bonds

MTN Nigeria to Raise N89.9 Billion Via Bond Issuance

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MTN Nigeria - Investors King

MTN Nigeria Communications Plc (MTN Nigeria) has announced plancs to raise another N89.999 billion through bond issuance under its N200 billion registered shelf programme.

The telecommunications giant stated in a note to the Nigerian Exchange Limited and investing public.

MTN Nigeria said “an application has been submitted to the Securities and Exchange Commission (SEC) for the clearance of transaction documents for MTN Nigeria’s proposed bond issuance valued at N89,999,000,000; Series 2 of the N200,000,000,000 registered shelf programme.”

The telecom company had successfully raised N110,001,000,000 through Series 1 bond in the month of May 2021.

However, it said the final decision on the launch of the Series 2 bond will be taken once all regulatory approvals are obtained, and the investing public will be duly notified.

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