Nova Merchant Bank lists N50bn Commercial Paper on FMDQ exchange
The Managing Director/Chief Executive Officer, NOVA Merchant Bank, Mr Nath Ude, says FMDQ Securities Exchange Ltd., has approved the registration the bank’s N50 billion Commercial Paper (CP) Programme on its platform.
This is contained in a statement by FMDQ Securities Exchange made available to newsmen on Wednesday in Lagos.
According to the statement, the approval came after due diligence of its Board Listings and Markets Committee.
It explained that NOVA Merchant Bank would benefit from the transaction by gaining access to a wide range of knowledgeable and capitalised investors with the registration of its CP programme and subsequent quotation of CP notes on FMDQ Exchange.
“The successful listing of our N50 billion CP Programme on the FMDQ platform further gives credence to NOVA Merchant Bank’s beliefs in the Nigerian debt capital market.
“It puts the Bank in a position to broaden its potential funding sources and create superior value in the financial market which it serves.
“This comes after the successful listing of our N10 billion bonds on the FMDQ Exchange, which was oversubscribed by 300 per cent in 2021.
“We remain driven by our aspiration to transform the African financial services landscape with fresh thinking and innovative solutions,” Ude said.
He added that NOVA Merchant Bank provided end-to-end financial services solutions covering corporate banking, investment banking, advisory, capital markets, and wealth & asset management.
“The registration of this CP Programme, which is co-sponsored by EAC Advisory Ltd., FSDH Capital Ltd., United Capital Plc. and Renaissance Securities (Nigeria) Limited, Registration Members (Quotations) of the Exchange.
“It strategically positions Nova Merchant Bank to raise short-term finance from the Nigerian debt capital markets (DCM) easily, through CP issues within its CP Programme and quote same on FMDQ Exchange for visibility of the issue and desired transparency for the investors,” Ude stated.
FMDQ Group is an integrated financial market infrastructure group, which provides registration, listing, quotation and noting services; integrated trading, clearing and central counterparty, settlement, and risk management for financial market transactions among others.
