Coronation Merchant Bank quotes N11.36bn CP on FMDQ

The FMDQ Securities Exchange Ltd has approved the quotation of Coronation Merchant Bank Ltd N11.36 billion Series 18 Commercial Papers on its platform.

FMDQ disclosed this in a statement made available to our reporter on Friday in Lagos.

The statement noted that the offer was approved by FMDQ’s Board Listings and Markets Committee under the bank’s N100 billion CP issuance programme.

It added that the proceeds from the CP would be used to finance the issuer’s working capital requirements.

According to the statement, the CP was co-sponsored on the Exchange by Coronation Merchant Bank Ltd and Chapel Hill Denham Advisory Ltd.

It added that the issuer, in 2018, joined the league of other companies whose debt profiles had been raised via the value-packed quotations service offered by the FMDQ Exchange.

“The continuous admission of securities to FMDQ Exchange’s platform 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,” it said.

Coronation Merchant Bank is Africa’s premier investment bank that provides innovative solutions to the needs of corporations, governments and other financial services organisations.