FMDQ Securities Exchange Limited said it has approved the listing of the MTN Nigeria Communications PLC ₦110bn Series 1 Senior Unsecured Fixed Rate Bond under its ₦200bn Bond Issuance Programme on its platform.

The Chief Executive Officer, MTN Nigeria, Karl Toriola expressed satisfaction at the “landmark transaction, which is the first ever telecommunication bond issued in Nigeria and the largest corporate bond issuance in 2021.

“The Nigerian debt capital market has given us the opportunity to diversify our funding sources further and enabled us to extend the maturities of our debt portfolio to match infrastructure investments. Investors’ strong support for this transaction, given the challenging economic environment, is a reflection of their confidence in MTN Nigeria’s long-term strategy, the management team, the depth of the market, and the overall growth in the telecommunications industry, and we do appreciate the support,” he added.

Speaking on the successful bond issuance, the sponsor of the bond and a Registration Member (Listings) of the Exchange, Chapel Hill Denham Advisory Limited, represented by the Chief Executive Officer, Bolaji Balogun, said “the Series 1 bond was oversubscribed and strongly supported by robust demand from over two hundred (200) investors, which included Pension Funds & Asset Managers, Banks, Family Offices and High Net worth Individuals.

“This issuance is the largest corporate debt transaction this year and its success demonstrates MTN Nigeria’s strong credit profile, leading position in the market as well as its long-term prospects,” he added.