The FMDQ OTC Securities Exchange has admitted a total sum of N7.5 billion Special Purpose Vehicles (SPV) for both Sterling Bank and First City Monument Bank, FCMB respectively.

FCMB’s Financing SPV Plc’s ₦5.10billion 7-year 17.25 per cent Series 3 Fixed Rate Unsecured Bond under its ₦100.00bn Debt Issuance Programme was admitted on the OTC Exchange platform, while the Sterling Bank Plc’s ₦2.40bn Series 1-3 Commercial Paper (CP) Notes ,under its N100.00bn CP Programme was also admitted in the FMDQ’s official list.

Listing of the second and third corporate bond papers in the FMDQ OTC securities Exchange was effected, barely a week after the admittance of the Forte Oil Plc Bond, as the first corporate instrument to be listed in the OTC this year.

 

The successive admittance of these securities, following due approval from the FMDQ Board Listings, Markets and Technology Committee, attests to the highly efficient time to market and uniquely tailored Listings and Quotations service offered by FMDQ. In the coming weeks, respective ceremonies will be held in honour of the issuers, Sterling Bank PLC and FCMB SPV Plc to commemorate these achievements.

The OTC Exchange in a statement said” FMDQ shall continue to validate its operational mandate of aligning the markets within its purview to international standards, striving to ensure they emerge as globally competitive, operationally excellent, liquid and diverse.

Through the continued support for institutional growth, the OTC Exchange shall invariably contribute its quota to rejuvenating the vibrancy of the Nigerian economy”.

The debt instrument market emphasized that it would continue to enhance its duties towards continuous provision of invaluable information, ensuring global visibility, improved secondary market liquidity, efficient price formation and unique transparency, revealing that, the activities and value-adding services of the Exchange is positively impacting businesses, corporate and government entities with debt securities listed/quoted on FMDQ.

The OTC Exchange assured sustenance of commitment to organise, govern and enforce credibility and transparency in the debt capital market (DCM). Through its innovative practices and the concerted efforts of stakeholders, the FMDQ has positively influenced the competitiveness of the Nigerian financial markets.

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