FMDQ Exchange admits Coronation MB’s new commercial paper
FMDQ Securities Exchange Limited has announced the admission of the Coronation Merchant Bank N1.29 billion Series 11 and N2.34 billion Series 12 Commercial Paper under its N100.00 billion CP Issuance Programme on its platform.
It said six CPs valued at N22.29 billion 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.
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 during this difficult time and as we forge ahead in 2021 and beyond.
“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.
“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.