Sterling Bank’s N100b CP Boosts Market Confidence

By Modupe Gbadeyanka

FMDQ OTC Securities Exchange has disclosed that the registration of the Sterling Bank Plc’s N100 billion commercial paper programme is expected to boost confidence in the Nigerian financial market.

A statement by FMDQ noted that the programme has contributed to the growth and competitiveness of the Nigerian fixed income market.

The CP, signed on the FMDQ platform, came barely after the listing of the Wema Funding SPV Bond.

This registration followed the due approval of the FMDQ Board Listings, Markets and Technology Committee and served to further instil confidence in the Nigerian financial market, given the current economic climate, the FMDQ said.

“An FMDQ quotations service avails, among others, credibility for quoted CPs and global visibility via the FMDQ website and the FMDQBloomberg Trading System (E-Bond),” it said.

“The timely and efficient registration of the Sterling Bank CP programme is a validation of one of the core mandates of FMDQ towards revolutionising the Nigerian debt capital market,” the firm added.

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