FMDQ lists United Capital and LAPO MFB SPV Bonds

In keeping to its commitment of providing a reliable and credible platform to support capital formation, the FMDQ Exchange has announced the approval and admission for listing of the United Capital PLC Series 1 ₦10.00 billion Fixed Rate Bond under its ₦30.00 billion Bond Programme and the LAPO MFB SPV PLC Series 2 ₦6.20 billion Fixed Rate Bond under its ₦20.00 billion Bond Issuance Programme.
According to the Managing Director, Investment Banking, United Capital, Babatunde Obaniyi, “the Series 1 bond issuance adds to the impressive portfolio of innovative and landmark transactions which are the hallmark of the United Capital brand. The bonds, which have a tenor of 5years, recorded a 124% subscription, with commitments received from Pension Funds (comprising 64% of the issue), other financial institutions as well as high net worth individuals. This very strong outcome further affirms buy-side investors’ confidence in United Capital PLC and is a testament to the leading role the organisation continues to play in the financial services space.”
Commenting on the transaction, the Managing Director, LAPO Microfinance Bank Ltd., Cynthia Ikponmwosa, reiterated that, “LAPO Microfinance Bank Limited remains committed to its goal of economic empowerment of low-income households through access to finance. This additional capital will be deployed to enhance our capacity to meet the needs of micro and small enterprises, especially actors in the rural economy. The bonds were oversubscribed by ₦0.2 billion, an unprecedented feat in the subsector, despite market uncertainties and a demonstration of confidence by investors given the strong corporate governance and fundamentals of the Microfinance Bank.”
FMDQ remains committed to the development of the Nigerian financial market and has continued to sustain its efforts in supporting stakeholders with tailored offerings to enable them achieve their strategic objectives, deepen and effectively position the Nigerian capital market for growth, in support of the realisation of a globally competitive and vibrant economy. Through its subsidiaries- FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited, FMDQ Group provides a one-stop platform, enabled by technology, for market participants to commence and end their market transactions seamlessly and cost-efficiently.