FMDQ Exchange Admits N2.36bn CP Of Rand Merchant Bank

FMDQ Securities Exchange Limited (FMDQ Exchange) has announced the admission of the quotation of the Rand Merchant Bank Nigeria Limited N0.55 billion Series 3 and N1.81 billion Series 4 CPs under its N80.00 billion CP Programme on its platform.

This development is part of efforts by corporate institutions to guarantee their sustained business operations in the current challenging economic environment, while exploring alternative financing options by tapping the debt capital market to plug capital shortfalls.

This is even as the Commercial Paper (CP) market value stood at N3.25 trillion as of November 30, 2022.

According to FMDQ Exchange, the proceeds from the quotation of the quoted CPs, which are co-sponsored by Standard Chartered Capital & Advisory Nigeria Limited – Lead Sponsor; FCMB Capital Markets Limited, FSDH Capital Limited, Rand Merchant Bank, and Stanbic IBTC Capital Limited (Co-Sponsors) – all Registration Member (Quotations) of the Exchange, will be utilised by the Issuer to support its short-term working capital and funding requirements.

As part of its efforts towards unlocking the potential of the Nigerian economy, FMDQ Exchange shall continue to support institutional growth and stimulate continuous e development of the economy at large, through the provision of a world-class Securities Admission Service, in line with its mandate.

The Exchange will continue to demonstrate commitment towards delivering a globally competitive, operationally excellent, liquid and diverse (“GOLD”) standard to the Nigerian debt capital market, availing issuers and investors the much-needed global visibility, confidence and protection in the markets.