FMDQ welcomes N42bn worth of Commercial Papers on its platform in 2016

As the year comes to an end, and the financial markets wind down to a somewhat inconspicuous close, reflecting the tension in the economic system and hopes for renewed policies and reforms to boost economic activities, come 2017, the FMDQ OTC Securities Exchange continues to lend its practicable and efficient platform to meet the funding needs of corporates and commercial entities.

Coming very shortly on the heels of the recently listed Wema Funding SPV Bond and the Sterling Bank Commercial Paper (CP) Programme was the quotations of the Access Bank PLC N8.45 billion.

According to FMDQ, Series 1, N4.22 billion Series 2 and N22.33 billion Series 3 Commercial Paper Notes under its N100.00 billion Commercial Paper Programme; and the UACN Property Development Company PLC N2.27 billion Series 2 and N4.00 billion Series 3 Commercial Paper Notes under its N24.00 billion Commercial Paper Programme.

The quotations brought the count of securities admitted onto the FMDQ platform this year to a total of fifteen.

“The time to market of the securities lays credence to the efficiency of the FMDQ processes vis-à-vis the approving authority, the FMDQ Board Listings, Markets and Technology Committee, without undermining the quality of oversight provided.

“With its streamlined listings and quotations process, FMDQ has continued to provide opportunities within the markets under its purview, to support debt capital market growth in Nigeria and the continuous development of the economy at large.

“To develop and boost the growth of the Nigerian fixed income market, FMDQ offers securities quoted on its platform, the unique opportunity for visibility and access by a large pool of investors (domestic and international alike); whilst providing the governance required to enforce credibility and transparency of information about these securities.

“The issuers (Access Bank PLC and UPDC PLC) have undoubtedly joined the host of other corporates and commercial entities to benefit from the uniqueness and valueadd provided by the FMDQ listings and quotations service.

“The OTC Exchange, whilst remaining positive on the possibilities of the Nigerian debt capital market, will continue to articulate, with the efforts of its key stakeholders, ways to improve and make the Nigerian markets globally competitive, liquid and credible. These are well in line with its mission to empower the financial markets to be innovative and credible, in support of the Nigerian economy”, it stated.