FMDQ admits Coronation Merchant Bank’s N11.36b commercial paper

FMDQ Securities Exchange Limited (FMDQ Exchange), through its board listing and market committee, has approved the quotation of Coronation Merchant Bank Limited ₦11.36 billion Series 18 commercial papers (CP) under its ₦100.00 billion CP issuance programme on its platform.

Coronation Merchant Bank, in 2018, joined the league of other companies whose debt profiles had been raised via the value-packed quotation service offered by FMDQ.

According to the exchange, the continuous admission of securities to FMDQ platform is reflective of the potential of the Nigerian debt capital market and the commendable level of confidence demonstrated by both issuers and investors in the market.

FMDQ said the CP, which was co-sponsored on the exchange by Coronation Merchant and Chapel Hill Denham Advisory Limited, Registration Member (Quotations) of FMDQ Exchange, will be availed of all the benefits of FMDQ prestigious quotations service.

These services include global visibility through its website and systems, governance, credible price formation and continuous information disclosure and investor protection.

FMDQ said the proceeds from the quotation of this CP would be used to finance the Issuer’s working capital requirements.It stated that as the market participants and a host of other stakeholders continue to meet their funding needs effectively and invariably contribute to the development of the nation’s capital markets through FMDQ exchange’s platform, the exchange remains committed to taking crucial steps, in close collaboration with market stakeholders, to deliver on its agenda of making the Nigerian financial markets globally competitive, operationally excellent, liquid and diverse.