FMDQ admits Union Bank N34.96bn CPs on its platform

FMDQ Securities Exchange Ltd on Wednesday approved the quotation of Union Bank of Nigeria Plc N2.58 billion Series 8 and N32.38 billion Series 9 Commercial Papers (CPs).

The Chief Executive Officer of the bank, Mr Emeka Okonkwo, said this in a statement made available to our reporter in Lagos.

Okonkwo said the successful transaction was a milestone for the bank.

He said the approved quotation was under the bank’s N100 billion domestic debt issuance programme.

“The series 8 and 9 commercial paper issuance under our N100 billion domestic debt issuance programme is another strategic milestone in our bid to establish Union Bank as a leading financial institution in Nigeria.

“The net proceeds from the issuance will further diversify our sources of capital as we continue to accelerate business growth and drive our long-term strategy.

“Since the registration of the debt issuance programme in 2018, we have continued to see active participation from the market, demonstrating continued investor confidence in Union Bank and its growth trajectory,” he said.

Okonkwo added that the proceeds from the CPs would be used to support the bank’s short-term funding requirements.

He noted that the CPs were co-sponsored by Renaissance Securities (Nigeria) Ltd. (lead sponsor), Standard Chartered Capital & Advisory Nigeria Ltd and UCML Capital Ltd.

Also, the Ag. Chief Executive Officer and Director Financing, Renaissance Securities (Nigeria) Ltd., Mr Samuel Sule, said the company was pleased to have partnered Union Bank on successfully accessing the domestic commercial paper markets once again.

Also commenting on the issue, the acting Chief Executive Officer and Director Financing, Renaissance Securities, Mr Samuel Sule, said the company was impressed with the success recorded by the CPs.

“Renaissance Capital is pleased to have partnered with Union Bank on successfully accessing the domestic commercial paper markets once again.

“Union Bank is an established and sophisticated issuer and has proven its ability to navigate our everchanging rate and liquidity environments on numerous occasions.

“The solid participation by institutional investors on this oversubscribed dual series issuance underscores the sustained confidence in Union Bank’s medium-term strategy and highlights the bank’s attractive credit story,” Sule said.

FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing & quotation services and seamless trading, amongst others.