New Telegraph

FMDQ admits N200bn MTNN CP, Dangote Cement bonds

FMDQ Securities Exchange Limited (FMDQ ) has admitted for listing, Dangote Cement Plc N100.00 billion Series 1 Bond under its N300.00 billion Bond Programme, and for quotation, the MTN Nigeria Communications Plc N100.00 billion Series 1 & 2 Commercial Paper (CP) notes under its N100.00 billion CP Issuance Programme, both on the Exchange’s platform.

 

Also, FMDQ, through its central securities depository, FMDQ Depository Limited, also won the mandate as the sole depository for the lodgement of the MTN Nigeria CP notes, in addition to being a joint depository for the Dangote Cement Bond.

 

Commenting on the development, the Chief Executive Officer of MTN Nigeria, Mr. Ferdinand Moolman, noted that the N100.00 billion MTN Nigeria CPs issued and quoted on FMDQ Securities Exchange represent the largest debut CP issuance by a Nigerian corporate.

 

According to him, “this issuance will allow MTN Nigeria to broaden its sources of funding; combining its established lines of credit with access to capital market funding, which will lower the Company’s overall cost of borrowing.”

 

As the sponsor of the MTN Nigeria CPs on FMDQ Securities Exchange, the Chief Executive Officer of Chapel Hill Denham, Mr. Bolaji Balogun, added that “Chapel Hill Denham is proud to have acted as Sole Arranger to MTN Nigeria on its debut N100.00 billion CP issuance and programme.

 

This landmark transaction for MTN Nigeria, was many times over-subscribed and priced tightly, indicative of the issuer’s strong rating with investors.

 

Chapel Hill Denham is pleased to have introduced an important new issuer into Nigeria’s debt market, attracting participation from a diverse orbit of eligible individual and institutional investors”

 

Speaking on the achieve ment, the Chief Executive Officer of FMDQ Group, Mr. Bola Onadele. Koko, expressed his delight on the admission of these securities to FMDQ Exchange and FMDQ Depository, and the wider implication for the market.

 

According to him, “the market has been yearning for corporate benchmarks for pricing and valuation of securities in the debt capital market, and coming at a time when the resilience of the Nigerian financial market is being tested by the impact of the COVID-19 pandemic is even more commendable.

Read Previous

COVID-19: FG lifts ban on inter-state travels, local flights

Read Next

N500m debt: AMCON takes over Polema Industries’ assets

Leave a Reply

Your email address will not be published. Required fields are marked *