FMDQ Admits ₦200bn MTNN CPs, Dangote Cement Bond, Set Pricing Benchmarks

FMDQ Admits ₦200bn MTNN CPs, Dangote Cement Bond, Set Pricing Benchmarks


Post Views: 109 Notwithstanding the ongoing economic downturn occasioned by the Coronavirus (COVID-19) pandemic, the management of FMDQ Holdings Plc, ...

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Notwithstanding the ongoing economic downturn occasioned by the Coronavirus (COVID-19) pandemic, the management of FMDQ Holdings Plc, on Monday said corporate giants- Dangote Cement Plc and MTN Nigeria Communications Plc have successfully raised a total of N200bn in the forms of bonds and commercial papers respectively.

A statement by FMDQ said these represent the largest corporate bond and commercial papers, respectively in the Nigerian debt capital market, describing the feat as a privilege.

A breakdown of the amount showed that FMDQ Exchange, admitted the Dangote Cement Plc ₦100bn Series 1 Bond (the Dangote Cement Bond) under its ₦300bn Bond Programme; as well as MTN Nigeria’s ₦100bn Series 1 & 2 CP notes under its ₦100bn CP Issuance Programme, on platform.

Similarly, FMDQ said in the statement that its central securities depository, FMDQ Depository Limited also emerged the depository of choice, having won the mandate as the sole depository for the lodgement of the MTN Nigeria CP notes.

This is in addition to being a joint depository for the Dangote Cement Bond, providing the securities with the efficient value chain linkages which the FMDQ vertically integrated structure guarantees, as well as credible asset servicing and reliable data and information, amongst others.

Describing the admission of both securities on the FMDQ Exchange and FMDQ Depository as a great achievement, Bola Onadele Koko, chief executive of the group, was particularly delighted at the wider implication for the Nigerian capital market.

According to him, “the market has been yearning for corporate benchmarks for pricing and valuation of securities in the debt capital market, and coming at a time when the resilience of the Nigerian financial market is being tested by the impact of the COVID-19 pandemic is even more commendable.

“The success of these issuances by the premier and largest business conglomerate in Africa, Dangote Industries, through its subsidiary, Dangote Cement PLC, and the debut made into the Nigerian DCM by leading telecommunications giant, MTN Nigeria Communications PLC, lay credence to the untapped and great potential of the Nigerian capital market to support sustainable development in Nigeria, and the confidence of investors, as well as the commitment of FMDQ Group to empower the markets to deliver prosperity to Nigeria and Nigerians”.

Also commenting, Chief Executive of MTN Nigeria, Ferdinand Moolman, said the CPs represent the largest debut CP issuance by a Nigerian corporate, and will enable the company “broaden its sources of funding; combining its established lines of credit with access to capital market funding, which will lower the Company’s overall cost of borrowing”.

ponsor of the MTN Nigeria CPs on FMDQ Securities Exchange, Chapel Hill Denham, through its CEO, Bolaji Balogun, expressed happiness at having acted as Sole Arranger.

“This landmark transaction for MTN Nigeria, was many times over-subscribed and priced tightly, indicative of the issuer’s strong rating with investors. Chapel Hill Denham is pleased to have introduced an important new issuer into Nigeria’s debt market, attracting participation from a diverse orbit of eligible individual and institutional investors,” he added.


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