FMDQ Lists FBNQuest N7.34bn Series 19 Commercial Paper

By Ashemiriogwa Emmanuel

The N7.34 billion series 19 commercial paper of FBNQuest Merchant Bank has been listed on the trading platform of the FMDQ Securities Exchange.

The paper, issued in June 2021, is part of the financial institution’s N100 billion CP program and adds to the organisation’s impressive portfolio.

The debt instrument was sold to investors to assist the company to achieve its short-term financial obligations and help secure an alternative and cheaper source of funding.

FBNQuest is the investment banking and asset management business of FBN Holdings Plc and it has a track record of being able to deliver value to its clients.

This contributed to the acceptance of the CP sale by investors, which cut across various strata and according to the firm, the transaction highlights its capabilities in the successful execution of sizeable capital market and commercial debt transactions.

The Head of Capital Markets at FBNQuest Merchant Bank, Mr Oluseun Olatidoye, while commenting on the development, disclosed that the admission of the CP offering on FMDQ was a sign of growth and trust that investors have in the business

“We are pleased to announce the listing and acceptance of the FBNQuest Merchant Bank series 19 commercial paper on the FMDQ Securities Exchange’s platform.

“The admission of the CP offering on FMDQ’s platform reflects the potential and growth of the Nigerian debt capital market.

“The success recorded on this transaction also attests to the degree of confidence investors have in the business,” he said.

As a full-service investment bank, FBNQuest has advised on the issuance of several bonds and commercial papers for organisations such as Interswitch, Mixta Real Estate plc, Dangote Cement Plc, Nigerian Breweries Plc, Lafarge Africa Plc, Flour Mills of Nigeria Plc, Wema Bank Plc and UPDC Plc to mention a few.

The organisation, through its leading conversations with FBNQuest webinar series, recommended commercial papers and bonds to corporate issuers seeking to raise working capital, expand capital, refinance expensive debt and better match their cash obligations with revenues.