Fixed Income

COVID-19: FMDQ Lists ₦23bn Securities, As Companies Seek DebtCapital

The management of FMDQ Securities Exchange Limited (FMDQ), on Monday in Lagos, said it has so far listed debt securities in excess of N23bn on behalf of corporate and business entities.

This, it explained, is despite the unfriendly business climate, occasioned by the ravaging impact of the novel Coronavirus (COVID-19) pandemic that has seen many look to the debt capital markets.

Within the period, the exchange said it has offered a viable avenue to efficiently raise capital to for FBNQuest Merchant Bank, Coronation Merchant Bank Limited, Mixta Real Estate Plc, and Guinness Nigeria to meet their financing needs towards business expansion and/or working capital management, amongst others.

Specifically, ₦5bn Fixed Rate Senior Unsecured Bond of FBNQuest Merchant Bank Funding SPV Plc Series 1 was listed on FMDQ Exchange; just as the quotations of the Coronation Merchant Bank Limited ₦6bn Series 9; and ₦9bn Series 10 Commercial Paper (CP) notes under its ₦100bn CP Issuance Programme. Also listed on the FMDQ platform during the period was the Mixta Real Estate Plc ₦3.3bn Series 20 – 23 CP notes under its ₦20bn CP Issuance Programme; besides registering Guinness Nigeria Plc’s ₦10bn CP Programme, to enable it raise funds from the market up to the limit approved within its registered CP Programme as at when the need arises.

While empowering the Nigerian financial market, the statement by the exchange said it continues to provide a choice platform for the registrations, listings, quotations, and trading of debt securities.

“These admissions to FMDQ Exchange’s platform are reflective of the potential of the Nigerian DCM and the commendable level of confidence demonstrated by both issuers and investors in the market.

“They also validate the efficient processes and integrated systems through which FMDQ Holdings Plc, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited – has sustained its uninterrupted service delivery to the market and its diverse stakeholders during this difficult time and beyond,” it added.

In line with its corporate tradition, FMDQ Exchange said “these securities shall be availed the benefits of the value-driven listings and quotations service on the Exchange, including global visibility through its website and systems, liquidity credible price formation and continuous information disclosure to protect investor interest, amongst others.”

In keeping with its commitment to the development of the market, the exchange promised to sustain its efforts in supporting issuers with tailored financing options to enable them achieve their strategic objectives, deepen and effectively position the Nigerian Debt Capital Market for growth, in support of the realisation of a globally competitive and vibrant economy.

The exchange restated its a vision to become “the leading African builder of ecosystems of financial infrastructure and services for markets”, and a mission to “collaborate to empower markets for economic progress towards delivering prosperity.”

The group said it is unwavering in its pursuit of product and market innovation and as well as stakeholder engagement, towards making the Nigerian financial markets globally competitive, operationally excellent, liquid and diverse, in line with its GOLD Agenda.

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