Close button
The Guardian
Email YouTube Facebook Instagram Twitter WhatsApp
x

Investment bank lists N5 billion bond on FMDQ

Related

FMDQ


CardinalStone Partners Limited has announced the listing of the CardinalStone Financing SPV Plc N5 billion series one bond on FMDQ Securities Exchange Limited.

The company successfully closed the bond, which is the lowest priced bond by any non-bank financial institution in Nigeria, for a similar tenor in the last ten years.

The bond, which is the first tranche of the company’s N10 billion bond issuance programme, is a five-year seven per cent fixed rate senior unsecured bond due 2025.

Under this listing, the company’s bond has been successfully admitted to the daily quotations, list of the FMDQ and this means that investors who already hold the bonds can trade while new investors have an opportunity to buy at the secondary market.

x

Commenting on the bond issue, the Managing Director of CardinalStone Partners Limited, Michael Nzewi, said the full subscription demonstrated investors’ confidence in the firm and the ability of the management to create value for stakeholders.

“This longer tenor debt capital injection will enable the company to execute the next phase of its mid-to-long-term growth strategy,” he said.

According to him, by successfully raising this financing, the company is better positioned to sustain its impressive growth in the coming years.

Head of Investment Banking, Onyebuchim Obiyemi, said: “We are excited about the successful listing of the CardinalStone Financing SPV N5 billion series I bond on the FMDQ exchange. The registration and listing process was swift and straightforward, which is a testament to the efficiency at FMDQ.

According to him, the listing is a major accomplishment for the firm and reiterates the company’s resolve to continuously deliver value to all its stakeholders.

He said the bond issue and listing exercise would enable the company to deliver its mission of being the most trusted long-term adviser and financier to its target clients.

x

Receive News Alerts on Whatsapp: +2348136370421

No comments yet