FMDQ Securities Exchange Limited has approved the quotation of the FBNQuest Merchant Bank Limited N7.34 billion Series 19 Commercial Paper (CP) under its N100 billion CP Programme on its platform.
A commercial paper is a money-market security issued by companies with a maturity of not more than 270 days to get capital from investors to meet short-term debt obligations.
The Exchange said the net proceeds from this CP will support the issuer’s short term funding requirements.
FBNQuest Merchant Bank is a merchant banking firm that offers an array of financial services, including coverage and corporate banking, financial advisory, debt capital markets, equity capital markets, institutional sales, fixed income currency and treasury and wealth management.
The bank is committed to finding innovative solutions for its client base of high net-worth individuals, small and medium enterprises, corporates, financial institutions and governments, whilst catering to their diverse financial needs.
The Exchange further said: “The timely admission of this CP issue, and in general, all securities on FMDQ Exchange, is reflective of the potential of the Nigerian debt capital market and the commendable level of confidence demonstrated by both issuers and investors in the market.”