FMDQ Securities Exchange Limited, on Monday, said it has approved the quotation of the ₦1.41bn Series 15 and ₦20.19bn Series 16 CPs in May 2021, as well as the ₦0.71bn Series 13 and ₦14.13bn Series 14 Commercial Papers (CPs) in March 2021, in favour of Coronation Merchant Bank Limited, both under its ₦100bn CP Programme.
The net proceeds of the CPs will, according to the statement, support the issuer’s short-term funding requirements.
The bank aims to place its clients ahead of the curve in their sphere of operations and by so doing, deliver sustainable value to its shareholders whilst positively impacting on the Nigerian economy.
Commenting on the completion of the commercial papers quotation, Managing Director and Chief Executive of the bank, Banjo Adegbohungbe, expressed delight “at the successful issuance and subsequent quotation of the bank’s ₦0.71bn Series 13 and ₦14.13bn Series 14 Commercial Papers.”
This transaction, he continued, “further underscores the confidence of investors in our brand and entrenches our continuous leadership in the use of market instruments to create shared prosperity for all stakeholders”.
The timely admission of these CP issues, and in general, all securities on FMDQ Exchange, is a testament of the efficiency of the FMDQ Exchange securities quotation process.
“As is tradition for FMDQ Exchange, the Coronation Merchant Bank CPs, which were sponsored on the Exchange by Chapel Hill Denham Advisory Limited, a Registration Member (Quotation) of FMDQ Exchange, shall be availed global visibility through the Exchange’s website and systems, governance and continuous information disclosure to protect investors’ interest, credible price formation, amongst other benefits derived from the FMDQ Exchange platform,” FMDQ added.