FMDQ lists Sterling Investment N32.90bn bond on its platform

FMDQ OTC Securities Exchange on Tuesday listed Sterling Investment Management SPV N32.90 billion bond series 2 under its N65 billion debt issuance programme.

The listing followed the approval granted by the FMDQ Board Listings, Markets and Technology Committee.

Ms Tumi Sekoni, Associate Executive Director, Capital Markets, FMDQ, speaking at the listing programme in Lagos commended the issuer for having successfully raised N32.90 billion from the Nigerian debt capital market (DCM).

Sekoni congratulated the issuer for yet again joining the league of corporate entities that their debt profiles had been raised through the value-packed listings.

She noted that the listing would contribute to the growth of the Nigerian corporate bond market and as well inject renewed confidence into the DCM.

Sekoni assured all parties that FMDQ would continue to innovate and provide efficient services may be necessary to support issuers and investors toward achieving a globally competitive and operationally excellent DCM.

Mr Abubakar Suleiman, Sterling Bank Managing Director said that the company was pleased to list the Sterling SPV Bond on FMDQ.

Suleiman said that the success of the bond showed the increasing appetite of local institutional investors for long term debt instruments.

“We are happy with the very strong outcome which shows investors’ confidence in Sterling Bank PLC, and further strengthens and diversifies our corporate funding strategy.

“The bank looks forward to same peerless support in its future bond issues.

“We would also like to use this opportunity to appreciate FMDQ for its strategic role in deepening the Nigerian DCM by facilitating active secondary market trades and promoting the transparency of the listed instruments,’’ he said.

FMDQ since its inauguration onto the Nigerian financial markets landscape in 2013 had championed initiatives geared toward providing an enabling environment for the growth and development of the Nigerian fixed income, currencies and derivatives markets and the economy

Our correspondent reports that the exchange had through its product and market development initiatives empowered the markets within its purview to enhance their global competitiveness, transparency and liquidity.