FMDQ Securities Exchange Limited has admitted Coronation Merchant Bank’s Commercial Papers (CP) on its platform, a statement from the bank said.
The approval allows the quotation of the Coronation Merchant Bank Limited’s 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, both under its N100billion CP Programme, on its platform.
The net proceeds from these CPs will support the Issuer’s short-term funding requirements.
Coronation Merchant Bank Limited provides merchant banking services, which include assets and 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.
Commenting on the completion of the commercial papers quotation, the MD/CEO, Coronation Merchant Bank Limited, Banjo Adegbohungbe, stated, “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 Commercial Papers. 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”.
The timely admission of these CP issues, and in general, all securities on FMDQ Exchange, is a testament to the efficiency of the FMDQ Exchange 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.
FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing, and 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 – FMDQ Exchange, FMDQ Clear Limited and FMDQ Depository Limited.
FMDQ is committed to continue with its quest to propel businesses, corporates, and government entities to achieve their funding objectives, whilst ensuring prosperity within the Nigerian financial markets and the wider economy