Connect with us

Business

FMDQ lists new debt securities to its platform

Published

on

The FMDQ Securities Exchange has given an approval and admission for the listing of the United Capital Plc series 1 N10 billion Fixed Rate bond under its N30 billion bond programme.

The Exchange also approved and admitted for listing the LAPO Microfinance SPV PLC series 2 N6.20 billion Fixed-rate bond under its N20 billion bond issuance programme.

The new admissions are part of the Exchange’s efforts at providing reliable and credible platform to support capital formation.

News continues after this Advertisement

Reacting to the development, the Managing Director, Investment Banking at United Capital, Mr. Babatunde Obaniyi said the series 1 bond issuance adds to the impressive portfolio of innovative and landmark transactions of the United Capital brand.

Obaniyi said, ” this very strong outcome further affirms buy-side investors confidence in United Capital Plc and is a testament to the leading role the organization continues to play in the financial services space”.

On her part, the Managing Director, LAPO Microfinance Bank, Cynthia Ikponwosa said the bank remains committed to the goal of economic empowerment of low-income households through access to finance.

“This additional capital will be deployed to enhance our capacity to meet the needs of micro and small enterprises, especially actors in the rural economy”, she said.

The United Capital series 1 bonds have a tenor of 5 years and it recorded a 124 percent subscription rate at its admission.

Also, the LAPO Microfinance bank bonds were oversubscribed by N0.2 billion, being an unprecedented feat in the subsector.

News continues after this Advertisement
News continues after this Advertisement
Continue Reading
Advertisement
1,113 Comments

Leave a Reply

Your email address will not be published.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