Story by Kayode Tokede
FMDQ Securities Exchange Plc has admitted the N16.5 billion Series 1 fixed rate bond of Primero BRT Securitisation SPV Plc on its trading platfom.
According to the company, net proceeds of the Primero Bond would be utilised for funding the operating assets of the Bus Rapid Transit System, amongst others.
It was gathered that the bond listing is in line with FMDQ’s mandate to provide a reliable and credible avenue for corporate and governments, amongst others, to raise capital and by so doing, foster the deepening of the markets and ultimately, the economic development of the nation.
The special purpose vehicle was set up by Primero Transport Services Limited, a private limited liability company that provides public transportation service to residents of Lagos State, to raise finance to support its operation through the issuance of debt securities.
Like other debt securities listed on FMDQ Exchange, the Primero Bond would give the issuer global visibility through the FMDQ Exchange website and systems, governance and continuous information disclosure to protect investor interest, credible price formation amongst other benefits derived from being an FMDQ Exchange listing.
FMDQ said as the transportation firm and others continue to effectively and sustainably meet their funding needs, as well as contribute to the development of the nation’s capital markets through its trading (FMDQ) platform, it would continue to take crucial steps, in collaboration with market stakeholders, to deliver on its agenda of making the Nigerian financial markets globally competitive.