FMDQ Lists N16.5bn Lagos BRT Securitisation SPV Bond

FMDQ Securities Exchange Plc, on Wednesday said it admitted the Primero BRT Securitisation SPV Plc ₦16.5bn Series 1 Fixed Rate Bond for listing on its platform.
Primero BRT Securitisation SPV Plc is a special purpose vehicle set up by Primero Transport Services Limited, a private limited liability company that provides public transportation service to residents of Lagos State, to raise finance to support its operation through the issuance of debt securities.
The net proceeds of the Primero Bond will be utilised for funding the operating assets of the Bus Rapid Transit System, amongst others.
As this institution and a host of others continue to effectively and sustainably meet their funding needs, as well as contribute to the development of the nation’s capital markets through FMDQ Exchange’s platform, FMDQ Exchange said it “will continue to take crucial steps, in collaboration with market stakeholders, to deliver on its agenda of making the Nigerian financial markets globally competitive. A formal ceremony to commemorate this listing shall be announced in due course.”
The listing, the exchange said in a statement, is in line with a mandate to provide a reliable and credible avenue for corporate and governments, amongst others, to raise capital, and in the process, foster the deepening of the markets and ultimately, the economic development of the nation.
Like other debt securities listed on its platform, the Primero Bond, the statement continued, will be given global visibility through the FMDQ Exchange website and systems, governance and continuous information disclosure to protect investor interest, credible price formation amongst other benefits derived from being an FMDQ Exchange listing.