FMDQ admits Union Bank’s Series 8 and 9 CPs

Determined to delivering exceptional value to the Nigerian financial market and its stakeholders, the FMDQ Securities Exchange Limited has approved the quotation of the Union Bank of Nigeria’s N2.58 billion Series 8 and N2.38 billion Series 9 Commercial Paper (CPs) under a N100.00 billion CP issuance programme on its platform.

The Exchange in a statement said the admission was yet reflective of the potential of the Nigerian debt capital market (DCM) and the commendable level of confidence demonstrated by both issuers and investors in the market.

It noted that the proceeds from the quotation of these issuances, which were co-sponsored by FMDQ Exchange Registration Member (Quotations) – Renaissance Securities (Nigeria) Limited – lead sponsor; Standard Chartered Capital & Advisory Nigeria Limited; and UCML Capital Limited – will be used to support Union Bank’s short-term funding requirements, thus validating the exchange’s mandate to provide a reliable platform to support the capital raising needs of the stakeholders.

 “In keeping with its commitment to the development of the DCM, FMDQ Exchange shall continue to provide in collaboration with market stakeholders, innovative and efficient services aimed at deepening and effectively positioning the Nigerian DCM for growth, in support of the realisation of a globally competitive financial market and vibrant economy”.

Also commenting on the issuance, the Chief Executive Officer of Union Bank, Emeka Okonkwo, said that the series 8 and 9 commercial paper issuance under the bank’s N100 billion Domestic Debt Issuance programme is another strategic milestone in its bid to establish Union Bank as a leading financial institution in Nigeria.