FMDQ Exchange has announced the approval and admission of the United Capital Plc. and Sterling Bank Plc. Commercial Paper (CP) notes to its trading platform.
The company said in a statement posted on its website on Tuesday that it admitted United Capital ₦1.35 billion Series 1 and ₦3.97bn Series 2 CP under its ₦20 billion CP Issuance Programme.
The statement added that the Sterling Bank ₦6.85 billion Series 1 Tranche A and ₦8.15 billion Series 2 Tranche A CP under its ₦100 billion CP Issuance Programme was also approved and admitted onto the Exchange’s platform.
It noted that the Exchange had continued to avail the necessary support to governments, corporates and individuals through the provision of capital market solutions in spite of the economic headwinds caused by COVID-19 globally.
“The Nigerian capital market and the commercial paper market has in recent times provided the much-needed succor for corporate entities looking to raise funds to meet shortfalls in their working capital needs as well as capital expenditures,” it said.
According to the statement, these commercial papers, like all other securities listed, quoted and traded on the FMDQ Exchange platform shall be availed global visibility through the FMDQ Exchange’s website and systems.
It added that FMDQ Group would remain committed to the well-being of the markets as the realities of the aftermath of the COVID-19 pandemic hit businesses, communities and individuals.
The statement said that it would continue to deploy strategies to promote market development amidst the volatilities, in collaboration with market participants, towards boosting the resilience of the Nigerian financial market.
FMDQ Group is Africa’s first vertically integrated financial market infrastructure (FMI) group which provides a one-stop platform for the seamless and cost-efficient execution, risk management, clearing, settlement and depository services.
It also provides data and information services across the debt capital, foreign exchange and derivatives markets in Nigeria, through its wholly owned subsidiaries.
The subsidiaries are FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited, FMDQ Private Markets Limited and iQx Consult Limited.
