It noted that in view of the sustained disruptions occasioned by the impact of the COVID-19 pandemic to businesses and economies, the Nigerian capital market had continued to provide  succour for corporate entities looking to raise funds to meet shortfalls in their working capital needs as well as capital expenditures.

The statement quoted the Managing Director of NMRC, Mr Kehinde Ogundimu, as saying that  “the proceeds of the issue will be used to refinance existing and conforming mortgage loans.”

Ogundimu said that the issuance also demonstrated  NMRC’s commitment to the provision of affordable liquidity to the mortgage market by attracting long-term funding into the housing finance industry from the capital markets.

He explained that the prevailing interest rate regime would reduce the rate at which the primary mortgage institutions un-lend to their customers and in the long-term, substantially drive reduction in mortgage interest rates.

FMDQ Group is Africa’s first vertically integrated financial market infrastructure (FMI) group providing a one-stop platform for seamless and cost-efficient execution, risk management, clearing, settlement and depository services, as well as data and information services across the debt capital, foreign exchange and derivatives markets in Nigeria.