By Modupe Gbadeyanka
The registration of the Stanbic IBTC Holdings Plc N20 billion Commercial Paper (CP) Programme has been approved for listing by Board Listings, Markets and Technology Committee of the FMDQ OTC Securities Exchange on its platform.
A statement issued by FMDQ disclosed that the timely and efficient registration of the Stanbic IBTC Holdings CP Programme is a validation of its (FMDQ) mandate to be operationally excellent, towards the transformation of the Nigerian debt capital market.
The statement pointed out that, “To date, FMDQ has welcomed circa N250.75 billion worth of CP issuances for quotation on its platform.”
FMDQ noted that the issues from the Stanbic IBTC Holdings’ N20 billion commercial paper programme would be quoted on the OTC Exchange.
It explained that, “Given the increasingly competitive market environment, corporates and commercial entities have continued to seek innovative approaches towards executing their financing strategies.
“Commercial papers (CPs) continue to present and serve as an alternative source of complementing working capital requirements, among others, for these businesses.”
It stated that, “With a streamlined and efficient registration process, FMDQ, avails a commendable quotations service which offers among others, credibility for quoted CPs and global visibility via the Quotations Page on the FMDQ website and the FMDQ-Bloomberg Trading & Surveillance System (E-Bond).
“Also, FMDQ publishes the Quoted CPs Status Report which provides up to date information and the status of all CPs quoted on FMDQ’s platform.
“By playing host to several CP quotations, FMDQ, provides the much-needed visibility, confidence and protection to issuers, investors, market regulators, among others, whose direct and indirect activities play an important role in developing the nation’s economy.”
Adedapo Adesanya