FMDQ Securities Exchange has approved the registration of the Union Bank of Nigeria PLC ₦100 billion Commercial Paper (CP) Programme, on its platform in September.
This registration will bring the total number of securities admitted on FMDQ Exchange to 110 with a total market value of ₦3.36 trillion, it said in a statement yesterday.
Union Bank is one of Nigeria’s long-standing banking institutions that offers a portfolio of banking services to individuals, small and medium-scale enterprises, commercial and corporate clients.
This registration is expected to tactically position Union Bank to raise short-term finance from the Nigerian debt markets easily and quickly at a time in the future it determines suitable, through CP issues, within the CP Programme limit.
The programme is sponsored by UCML Capital Limited (Lead Sponsor), Standard Chartered Capital & Advisory Nigeria Limited and Renaissance Securities (Nigeria) Limited – all Registration Member (Quotations) of FMDQ Exchange,
In support of its mandate to deepen the Nigerian financial markets, FMDQ Exchange said it will continue to support the efficient allocation of capital by providing a credible platform for capital formation and effective intermediation towards fostering economic growth and development.
The Exchange also said it will continue to fulfil its market development, organiser, and governance mandates, by providing a cost-effective, efficient, well-regulated, transparent, and trusted platform where the raising and transfer of capital can take place, whilst adding value to its diverse stakeholder groups.
This registration will bring the total number of securities admitted on FMDQ Exchange to 110 with a total market value of ₦3.36 trillion.
