FBNQuest Merchant Bank N8bn Bond Begins Trading on NGX

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By Dipo Olowookere

Those interested in the purchase or sale of the N8 billion series II subordinated unsecured bond issued by FBNQuest Merchant Bank SPV Funding Plc can now start to do so.

This is because the company has listed the papers on the trading platform of the Nigerian Exchange (NGX) Limited.

The notes were issued to investors in December 2020 at a 6.25 per cent annual coupon rate under the N50 billion bond issuance programme of the small lender.

Business Post gathered that the bonds, a total of 8,000,000 units sold at N1,000 per unit with a 10-year tenor, were listed on the exchange on Tuesday, April 20, 2021.

“The market and investing public are hereby notified that FBNQuest Merchant Bank SPV Funding Plc’s N8 billion 6.25 per cent series II subordinated unsecured bond due 2030 under the N50 billion bond issuance program were listed Tuesday, April 20, 2021, on the Nigerian Exchange Limited,” a notice from the NGX stated.

Already, the bonds have been issued with the trading symbol of FBQ2030S2 for easy identification and an ISIN code of NGFBQ2030S29.

Every June 16 and December 16, the issuer will credit the bank accounts of subscribers with the agreed coupon rate of their investment until maturity.

FBNQuest Merchant Bank is a subsidiary of FBN Holdings Plc, which in 2014 acquired 100 per cent equity in Kakawa Discount House Limited, and subsequently secured approval to commence merchant banking operations as FBN Merchant Bank (now FBNQuest Merchant Bank).

The acquisition served as a strategic fit into the FBN Holdings portfolio and created an institution with a stronger balance sheet and access to a wider universe of funding sources.

FBNQuest Merchant Bank offer services that include coverage & corporate banking, financial advisory, debt capital markets, equity capital markets, debt solutions, institutional sales, fixed income currency & treasury and wealth management.

The firm, on its website, said it is “committed to finding innovative solutions for our client base of high net-worth individuals (HNIs), small and medium enterprises (SMEs), corporations, financial institutions and governments, catering to their diverse financial needs.”

“Our distinctive heritage as an organisation allows us to leverage specialisation of the subsidiaries of our parent company to enhance delivery and provide world-class client solutions,” it added.

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