FMDQ Exchange Admits Union Bank of Nigeria’s N35bn CP

FMDQ Securities Exchange Limited, on Wednesday, said it has admitted the Union Bank of Nigeria Plc ₦2.58bn Series 8 and ₦32.38bn Series 9 Commercial Papers on its platform under a ₦100bn Issuance Programme.

The proceeds from the quotation of both issuances, which were co-sponsored by Renaissance Securities (Nigeria) Limited as lead sponsor; Standard Chartered Capital & Advisory Nigeria Limited; and UCML Capital Limited, will support Union Bank’s short-term funding requirements.

Commenting, Chief Executive Officer of Union Bank, Emeka Okonkwo, said “the series 8 and 9 commercial paper issuance under our ₦100.00 billion Domestic Debt Issuance programme is another strategic milestone in our bid to establish Union Bank as a leading financial institution in Nigeria.

“The net proceeds from the issuance will further diversify our sources of capital as we continue to accelerate business growth and drive our long-term strategy. Since the registration of the Debt Issuance Programme in 2018, we have continued to see active participation from the market, demonstrating continued investor confidence in Union Bank and its growth trajectory”.

Also commenting, the Ag. Chief Executive Officer and Director Financing, Renaissance Securities (Nigeria) Limited, Samuel Sule, expressed pleasure that Renaissance Capital partnered Union Bank to successfully access “the domestic commercial paper markets once again.

“Union Bank is an established and sophisticated issuer and has proven its ability to navigate our everchanging rate and liquidity environments on numerous occasions. The solid participation by institutional investors on this oversubscribed dual series issuance underscores the sustained confidence in Union Bank’s medium-term strategy and highlights the Bank’s attractive credit story,” he added.

In keeping with its commitment to the development of the domestic debt capital market, FMDQ Exchange promised to continue providing, “in collaboration with market stakeholders, innovative and efficient services aimed at deepening and effectively positioning the Nigerian DCM for growth, in support of the realisation of a globally competitive financial market and vibrant economy.”

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