FMDQ Securities Exchange Limited (FMDQ Exchange) has announced the admission of the quotation of the Rand Merchant Bank Nigeria Limited ₦0.55 billion Series 3, and ₦1.81 billion Series 4 Commercial Papers (CPs) under its ₦80billion CP Programme on its platform.
The Commercial Paper (CP) market value is said to have exceeded ₦3.25 trillion as of November 30.
Rand Merchant Bank, the Issuer, is a corporate and investment banking firm, which provides innovative advisory services on infrastructure projects, mergers and acquisitions, as well as the funding of various transactions across multiple sectors.
The proceeds from the quotation of the quoted CPs will be utilised by the Issuer to support its short-term working capital and funding requirements, FMDQ said in a statement.
The CPs are co-sponsored by Standard Chartered Capital & Advisory Nigeria Limited – Lead Sponsor; FCMB Capital Markets Limited, FSDH Capital Limited, Rand Merchant Bank, and Stanbic IBTC Capital Limited (Co-Sponsors) – all Registration Member (Quotations) of the Exchange.
In efforts toward unlocking the potential of the Nigerian economy, FMDQ Exchange said it will continue to support institutional growth and stimulate continuous development of the economy at large, through the provision of a world-class Securities Admission Service, in line with its mandate.
The proceeds from the quotation of the quoted CPs will be utilised by the Issuer to support its short-term working capital and funding requirements.
