FMDQ OTC Securities Exchange (FMDQ) yesterday admitted N14.98 billion FSDH Merchant Bank Commercial Papers (CPs) into its platform.
The CPs represents series 1 and 2 under FSDH’s N30.00bn CP Issuance Programme and has also been successfully admitted and quoted on FMDQ OTC Securities Exchange (FMDQ).
Managing Director/CEO, FMDQ, Mr. Bola Onadele Koko whilst congratulating FSDH, noted that the successful issuance of the CPs at a period of economic challenges was a testament to the increasing confidence in the possibilities of the Nigerian Debt Capital Market (DCM).
He said, “At FMDQ, we are positive about the potential of a fully-functional DCM in building a sustainable economy, and will continue to support and streamline the market processes and infrastructure, as may be necessary, to support issuers and investors, towards achieving an operationally excellent and competitive DCM.”
Managing Director, FSDH Merchant Bank Limited, Mr. Rilwan Belo-Osagie, stated: “The CPs are being quoted on the FMDQ platform in line with the requirements of the Central Bank of Nigeria (CBN), but more importantly, to facilitate active secondary market trading of the CPs.
FSDH was very active in the CP market prior to its suspension by the CBN in 2009 and the quotation of the N14.98 billion Series 1 and 2 CP serves as an opportunity for FSDH to restate its presence and significance in the money market, and participate in the development and deepening of the CP market under the CBN’s revised regulations.
“The establishment of FMDQ has contributed significantly to the growth in liquidity and transparency of the Nigerian fixed income market and FSDH is committed to supporting the growth of this market through the FMDQ platform.”
Also speaking at the Ceremony, Executive Director and Head, Debt Capital Market, Stanbic IBTC Capital Limited, Mr. Kobby Bentsi-Enchill noted: “We are excited about the growth in the CP market. Over the past two years, we have witnessed a remarkable increase in the number of issuances in the CP market and we are proud to be pivotal to the development of this market.
“An increase in the number of CP issuances with a quotation on the FMDQ platform is vital to creating liquidity in secondary market trading of CPs. We are exceptionally pleased to have worked with FSDH in setting up its maiden CP Programme and the successful debut issuance of N14.98 billion across Series 1 and 2.