Sterling Bank, United Capital List N20.3bn Commercial Papers
By Modupe Gbadeyanka
Commercial papers valued at N20.32 billion issued by the duo of Sterling Bank Plc and United Capital Plc have been listed on the FMDQ Securities Exchange.
Business Post gathered that Sterling Bank listed its N6.85 billion Series 1 Tranche A and N8.15 billion Series 2 Tranche A on the platform.
The short-term debt notes were sold to investors under the financial institution’s N100 billion CP Issuance Programme.
On its part, United Capital took its N1.35 billion Series 1 and N3.97 billion Series 2 papers to the FMDQ Exchange for listing. The notes were issued under its N20 billion CP Issuance Programme.
FMDQ, in a statement, noted that the Nigerian capital market, especially the commercial paper segment, has in recent times provided the much-needed succour for corporate entities looking to raise funds to meet shortfalls in their working capital needs as well as capital expenditures.
It said despite the economic headwinds experienced by businesses around the world owing to the COVID-19 pandemic, it has continued to avail necessary support to governments, corporates and individuals through the provision of capital market solutions.
“As the realities of the aftermath of the COVID-19 pandemic hit businesses, communities and individuals, FMDQ Group remains committed to the well-being of the markets and shall continue to deploy strategies to promote market development amidst the volatilities, in collaboration with market participants, towards boosting the resilience of the Nigerian financial market,” FMDQ stated.
Recall that recently, the FMDQ admitted on its trading platform commercial papers issued by Nigeria Infrastructure Debt Fund and Coronation Merchant Bank Limited. The exchange also recently listed the bonds issued by Flour Mills of Nigeria Plc.
The exchange has been a reliable platform for both listed and unlisted companies to offer their debt instruments for trading at the secondary market, especially for those who missed out in the initial offering.