As businesses and institutions adjust to the new ‘normal’, corporate entities have continued to seek innovative and capital effective ways to source funding to finance their institutional needs, FMDQ Securities Exchange Limited says it has admitted ₦19.77bn Series 3 and ₦53.74bn Series 4 Commercial Papers of MTN Nigeria Communications Plc, under its ₦200bn Issuance Programme on its platform.
The company’s Chief Financial Officer, Modupe Kadiri, expressed pleasure at the success of the series 3 and Series 4 CP issuances, aimed at further diversify its funding sources, besides helping to optimise finance cost and strengthen the Nigerian financial markets.
“The issuance was well received by the market, with strong participation from a diverse group of investors, signifying the market’s continued confidence in our business. By quoting these CPs on FMDQ Exchange, we are able to provide investors with a strong platform for liquidity and price discovery. Proceeds from the issuance will be deployed towards the company’s working capital and general corporate purposes,” he explained.
Also speaking on the CP quotation, Managing Director of Chapel Hill Denham Advisory Limited – a Registration Member (Quotation) of FMDQ Exchange – Mrs. Kemi Awodein, said Chapel Hill Denham “worked with MTN Nigeria as Sole Arranger and Dealer on the Series 3 and Series 4 CP issuances to raise an aggregate amount of ₦75.1bn across the two series at competitive rates during a period of unsettling and volatility in the fixed income market.
“This issuance represents the largest CP issuance this year and its success demonstrates the Issuer’s strong credit, leading position in the market and industry; as well as its long-term prospects,” she added.