FMDQ Lists N13.50bn Union Bank bonds

 FMDQ Lists N13.50bn Union Bank bonds

FMDQ OTC Securities Exchange Plc yesterday admitted N13.50 billion bonds of Union Bank of Nigeria Plc for trading on its platform.

This comprised of N7.19 billion Series 1 and N6.31 billion Series 2 Senior Unsecured Fixed Rate Bonds under its N100 billion debt issuance programme. Speaking at the listing ceremony in Lagos, Ms. Kaodi Ugoji, Associate Executive Director, Corporate Development, FMDQ, applauded the issuer for successfully raising N13.50 billon from the debt capital markets.

She stated that FMDQ’s listings, quotations and noting service have been tailored to provide a unique opportunity for issuers, governments (federal & State) and corporates alike, to raise the profiles of their issues and access a deep pool of funds from the market, thereby meeting their long-term funding needs. Ugoji further reiterated the OTC Exchange’s commitment to continue to develop initiatives that would make the Nigerian debt capital market highly liquid, deep and well-developed.

Also speaking, Mr. Bola Onadele. Koko, Managing Director/CEO of FMDQ, stated that the Nigerian debt capital market has continued to make essential strides towards its development and the listing of the Union Bank Bonds on FMDQ marks another milestone in the success of the market.

Delivering his special address, Mr. Emeka Emuwa, said: “Union Bank is pleased to be listing its inaugural Series 1 & 2 issuances under its N100 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 the sponsor to the issue, Mr. Kobby Bentsi-Enchill of Stanbic IBTC Capital, said: “FMDQ has made significant strides with enhancing the liquidity of the debt capital market, and the listing of the Series 1 & 2 bonds by Union Bank further provides a competitive investment option for fund managers looking for sustainable returns over and above comparable treasury benchmarks.”

Ayomide Oyewole

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.