FMDQ admits Rand Merchant Bank’s N2.36bn commercial papers

FMDQ Securities Exchange Limited has announced the admission of Rand Merchant Bank Nigeria Limited‘s N0.55 billion Series 3 and N1.81 billion Series 4 commercial papers (CP) under its N80.00 billion CP programme.

A statement by the FMDQ, revealed that the CP was mainly sponsored by Standard Chartered Capital & Advisory Nigeria Limited, with participation from FCMB Capital Markets Limited, FSDH Capital Limited, Rand Merchant Bank, and Stanbic IBTC Capital Limited as co-sponsors.

The commercial paper will help to guarantee sustained business operations for FMDQ amid the current challenging economic environment.

Specifically, the company will utilise all the funds realised from the CP to support its short-term working capital and funding requirements.

“With a Commercial Paper (CP) market value of N3.25 trillion as of November 30, 2022, FMDQ Securities Exchange Limited (‘FMDQ Exchange’ or the ‘Exchange’) is pleased to announce the admission of the quotation of the Rand Merchant Bank Nigeria Limited N0.55 billion Series 3 and N1.81 billion Series 4 CPs under its N80.00 billion CP Programme on its platform,” said a part of the statement by the FMDQ.

According to the FMDQ, the value of commercial papers in Nigeria as of November 2022 was N3.25 trillion.

FMDQ said that as part of its efforts towards unlocking the potential of the Nigerian economy, it shall continue to support institutional growth and stimulate continuous development of the economy at large, through the provision of a Securities Admission Service, in line with its mandate.