The Daily official list of the Nigerian Stock Exchange (NSE) swelled yesterday, with the listing of N10 billion (Series 1) in the name of Transcorp Hotel Plc.

The ₦N10.00b Series 1, 7-Year 16.0 per cent fixed rate unsecured bonds under a N30.00b Medium-Term Bond Programme was also listed on the FMDQ platform.

The Head, Marketing and Business Development Division of FMDQ, Ms Tumi, Sekoni explained that the listing would contribute immensely to the growth of the Nigerian corporate bond market; with the planned initiatives of the Exchange to promote secondary market liquidity in the non-sovereign bond market in Nigeria.

Sekoni noted that an FMDQ listing service has been tailored to provide, among others, a unique opportunity for issuers to raise the profiles of their issues and access a deep pool of capital, thereby meeting their long term funding needs even as the Nigerian debt capital market becomes aligned with international best practices and standards.

The Chief Executive Officer of FMDQ, Bola Onadele, while applauding Transcorp Hotels for successfully raising ₦10.00b from the Nigerian debt capital market, also commended the issuer for its judicious decision to list the Transcorp Bond on FMDQ.

“FMDQ remains steadfast in its commitment to facilitate growth and development in the Nigerian financial market, with specific focus on the debt capital market, and the Nigerian economy at large and has actively commenced the year with initiatives being developed to address this growth and development.
‘The decision by the Management of Transcorp Hotels PLC to list its N10.00b bond on FMDQ is one that would under no circumstance be regretted. The Nigerian Debt market continues to make essential strides towards its development and today’s lsting on FMDQ marks another milestone in this certain development.”
He added that FMDQ will provide continuous information disclosure on the Transcorp Bond and include price/value data and detailed issuers’/issue information to stakeholders via the ‘Listings & Quotations’ page on the FMDQ website.

Speaking at the meeting between the Management of the Nigerian Stock Exchange (NSE), and the Board and Transcorp Hotels Plc, the Executive Director, Capital Markets,  NSE, Haruna Jalo-Waziri said: “The NSE is committed to providing a reliable and efficient capital market for companies and governments to raise funds for economic expansion. In this challenging time, our market is robust enough to cater to capital needs that traditional lenders cannot handle.
“The listing of the Transcorp Hotels Plc Series 1 bond on the Exchange is a remarkable achievement as this will further develop and deepen the domestic debt market. The NSE will continue to provide the necessary platform for the bonds to thrive. From today, companies and individuals wishing to trade on Transcorp Hotels Plc bonds on the stock exchange can now do so.”

The Chief Executive Officer of Transcorp Hotel Plc, Valentine Ozigbo explained that the series was already over subscribed by 30 per cent, noting that the company have successfully accumulated sufficient fund to embark on it expansion projects.

He added that the company was poised to deliver on the existing projects and explore new opportunities that would emerge.