Prominent financial institution, DLM Capital Group, has announced the maturity and successful redemption of its ₦1.24bn Series 1, ₦1.01bn Series 2 and ₦1.27bn Series 3 Commercial Paper Issues under its ₦20 Billion Commercial Paper Issuance Programme.
The ₦1.24bn Series 1, ₦1.01bn Series 2 and ₦1.27bn Series 3 Commercial Papers which were all issued via and quoted on the FMDQ Securities Exchange; matured on the 31st May 2022, 29th August, 2022, and 12th August 2022 respectively. In line with best practice, the FMDQ has been informed of these redemptions.
With a successful outing, the three Series garnered investments from a variety of investors ranging from Pension Fund Administrators, Asset Managers, Insurance companies and Banks.
Commenting on the successful redemption, the GCEO of DLM Capital Group, Mr. Sonnie B. Ayere, said, “We are pleased to have fully repaid all the investors in the Series 1, Series 2 and Series 3 CP issuances. We thank all our investors for their participation and reiterate our commitment to being a counterparty that can be relied on for the long term; we have been around for 13 years, and we will continue to contribute our quota to Nigeria’s development”.
He further added that “these redemptions reflect DLM’s capacity to meet its financial obligations as at when due and we intend to remain an active issuer in the commercial paper market.”
The Group comprises of the following businesses: retail banking via our digital channel SoFRI, consumer & business lending, asset management, investment banking, trustees, securities trading and foreign exchange.
Facebook, Apple, Others Lose Big in Market Value
The global financial market rout has plunged the value of the world’s largest technology companies by over $1 trillion in the last three trading days. This was after the Federal Reserve raised interest rates by 0.25% last week, below the 0.75% projected by experts.
The Federal Reserve had attributed its decision to a series of global uncertainties due to the Russia-Ukraine war and extended COVID-19 restrictions in China, the world’s second-largest economy. These were a few of the uncertainties predicted by a global investment bank, Deutsche Bank to plunge the U.S and the rest of the world into a recession by 2023.
Concerns over projected recession have led to a broad-based selloff in risk assets across the world.
“When risk assets fall and fall fast enough, there’s no question they’re going to hurt growth,” said LaVorgna, who was chief economist for the National Economic Council under former President Donald Trump. “If anything, the relationship is even better when asset prices decline than when they go up.”
Apple Inc, the world’s most capitalised company shed $200 billion in the last three trading days.
While Microsoft lost $189 billion in market value. Tesla, Amazon, Alphabet, Nvidia and Meta (Facebook) lost $199 billion, $173 billion, $123 billion, $85 and $70 billion, respectively.
In only three trading sessions the “Stocks at large have sold off since the Federal Reserve raised its benchmark interest rate on Wednesday, but technology has endured more pain than other sectors of the economy.”
MTN Nigeria to Raise N150 Billion via Commercial Paper
MTN Nigeria Communications Plc on Monday announced plans to raise N150 billion via Commercial Paper (CP) to diversify the company’s financing options.
Commercial paper is an unsecured, short-term debt issued by a company to finance short-term liabilities like payroll, accounts payable, inventories, etc. Maturities of most Commercial Paper range from a few weeks to months.
According to MTN Nigeria, the N150 billion would be raised in two tranches, Series 1 & 2 commercial paper.
Explaining the reasons for the new fundraising, the telecom company said it is part of its strategy to diversify financing options. The proposed funding rasing would be deployed towards working capital and general corporate purposes.
The new fundraising would be in addition to the N200 billion commercial paper issued in 4 series in 2021.
The statement reads “MTN Nigeria Communications Plc (MTN Nigeria or the Company) hereby notifies the Nigerian Exchange Limited and the investing public of its N150 billion Commercial Paper Programme. To this end, the Company proposes the issuance of Series 1 & 2 Commercial Paper (the “Issuance”) of up to N150 billion.
“MTN Nigeria had initiated and successfully concluded 4 series of issuances under its previous N200 billion Commercial paper shelf program.
“Further details on the issuance (as well as subsequent issuances) will be communicated to the market as the transaction(s) occur.”
Abbey Mortgage Bank Lists Additional 3.692 Billion Shares
Abbey Mortgage Bank Plc, one of Nigeria’s leading mortgage banks, announced it has listed an additional 3,692,307,692 ordinary shares on Wednesday, 16 February 2022 on the Daily Official List of the Nigerian Exchange Limited (NGX).
The additional shares listed on NGX arose from the Company’s Rights Issue at 82 kobo per share on the basis of four (4) new ordinary shares for every seven (7) ordinary shares held as at Friday, 8 October 2020.
With this listing of the additional 3,692,307,692 ordinary shares, the total issued and fully paid-up shares of Abbey Mortgage Bank Plc. has now increased from 6,461,538,462 to 10,153,846,154 ordinary shares of 50 kobo each.
News1 week ago
Npower News: Npower Batch C Stream 1 Beneficiaries to Receive August Stipend
News2 weeks ago
Npower Batch C, Stream 2 to Officially Begin Operations in October 2022
News3 weeks ago
Npower News: Federal Government Gives Reasons For Delayed Payment
News3 weeks ago
Npower Beneficiaries to be Compensated as FG Approves NSIP Bill
News4 weeks ago
Npower Beneficiaries Took To The Street To Protest Against Unpaid Allowances
Fund Raising3 weeks ago
Insurtech Startup, Turaco Secures $10 Million Series A Round Fund Raise
Telecommunications3 weeks ago
83 Percent Of New Sim Subscribers in July Chose Glo – NCC Report
News3 days ago
Npower: How to Check and Print Deployment Letter For Npower Batch C, Stream 2