As part of its effort in championing initiatives aimed at boosting the growth and development of the Nigerian financial markets, the Nigerian Stock Exchange (NSE) and the FMDQ OTC Securities Exchange (FMDQ) recently listed the Sterling Investment Management SPV PLC N32.90 billion Series 2, 7-Year 16.50 per cent fixed rate unsecured Bond, under a N65 billion debt issuance programme.
Speaking during the listing ceremony in Lagos, Associate Executive Director, Capital Markets at FMDQ, Tumi Sekoni, while congratulating Sterling Bank for having successfully raised N32.90 billion from the Nigerian Debt Capital Market (DCM), added that the listing would contribute to the growth of the Nigerian corporate bond market, consistently injecting renewed confidence into the DCM.
Sekoni assured all parties that FMDQ will continue to innovate and provide efficient services, as may be necessary, to support issuers and investors, towards achieving a globally competitive and operationally excellent DCM. Also speaking at the NSE and FMDQ, Managing Director, Sterling Bank Plc, Abubakar Suleiman, said that the successful listing of the Sterling SPV Bond list reflects the increasing appetite of local institutional investors for long term debt instruments.
“We are happy with the very strong outcome which shows investors’ confidence in Sterling Bank PLC, and further strengthens and diversifies our corporate funding strategy. The bank looks forward to same peerless support in its future bond issues. We would also like to use this opportunity to appreciate FMDQ for its strategic role in deepening the Nigerian DCM by facilitating active secondary market trades and promoting the transparency of the listed instruments”, he said.
Also speaking on behalf of the sponsor to the issue and FMDQ Registration Member (Listings), Niyi Omojola, stated, that Constant Capital, the lead issuing house in the transaction, crafted a unique and innovative investment structure which enabled the Sterling SPV Bond share in the same investment grade rating as Sterling Bank PLC, enlarging the range of potential investors in the bond.
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