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FMDQ OTC admits N13.5 billion Union Bank’s bond on platform

By Helen Oji
24 December 2018   |   4:20 am
FMDQ OTC Securities Exchange has admitted Union Bank of Nigeria Plc’s ₦N7.19 billion Series 1 and ₦N6.31 billion Series 2...

FMDQ OTC Securities Exchange has admitted Union Bank of Nigeria Plc’s ₦N7.19 billion Series 1 and ₦N6.31 billion Series 2 Senior unsecured fixed rate bonds under its ₦N100.00 billion Debt Issuance Programm on its platform.

At the weekend, FMDQ OTC Securities Exchange commemorated the listing of the bond with a prestigious ceremony to mark the ceremony, noting that it was part of efforts to deepen the Debt Capital Market (DCM) and position it for growth.

The Associate Executive Director, Corporate Development, FMDQ, Ms. Kaodi Ugoji, while welcoming participants applauded the issuer for successfully raising ₦N13.50 billon from the DCM.

According to her, FMDQ’s listings, quotations and listing service has been tailored to provide a unique opportunity for issuers, governments and corporates to raise the profiles of their issues and access a deep pool of funds from the DCM, thereby meeting their long-term funding needs.

She reiterated the OTC Exchange’s commitment to continue to develop initiatives that will make the Nigerian DCM highly liquid, deep and well developed.

The Managing Director of FMDQ, Bola Onadele, congratulated the issuer for successfully raising the bonds and commended the sponsor to the issue and Registration Member (Listings), FMDQ- Stanbic IBTC Capital, for its concerted efforts towards ensuring the success of the issuance.

Onadele stated that the Nigerian DCM has continued to make giant strides towards its development, noting that the listing of the Union Bank Bonds on FMDQ marks another milestone in the success of the DCM.

He assured that FMDQ, through consistent collaboration with its stakeholders, would continue to effectively position the DCM for growth, in support of the realisation of a globally competitive and vibrant economy.

The Managing Director of the bank, Emeka Emuwa, said: “Union Bank is pleased to be listing its inaugural Series 1 & 2 issuances under its ₦N100.00 billion Debt Issuance Programme on FMDQ Platform.

“The issuance of the Series 1 & 2 Bonds is a key milestone of our corporate funding strategy and listing the Bonds on FMDQ ensures growth in liquidity and transparency within the fixed income market in Nigeria”.

Speaking on behalf of, Stanbic IBTC Capital, Kobby Bentsi-Enchill, said the company was pleased to have supported Union Bank with the issuance and subsequent listing on FMDQ platform.

“FMDQ has made significant strides with enhancing the liquidity of the DCM, and the listing of the Series 1 & 2 Bonds by Union Bank PLC further provides a competitive investment option for fund managers looking for sustainable returns over and above comparable treasury benchmarks. We are excited to continue a fruitful partnership with FMDQ and Union Bank,” he said.