Ecobank Nigeria to launch $300 million senior notes on International Debt Market

FMDQ Securities Exchange Limited has announced the listing of the Nigerian Mortgage Refinance Company (NMRC) and Flour Mills of Nigeria, bonds on its platform, following due diligence by the Board, Listing and Markets Committee.

According to a verified tweet by the FMDQ Group seen by Nairametrics, the Nigeria Mortgage Refinance Company Plc listed a N10 billion Series 3 Fixed Rate Bond under the FMDQ Exchange N44 billion bonds issuance programme.

On the other hand, FMDQ Group also announced the successful listing of Flour Mills of Nigeria Plc N4.89 billion Series 4 Tranche A and N25 billion Series 4 Tranche B Fixed Rate Bonds under its N70 billion bond issuance programme on the exchange’s platform.

The listing is the sequel to a host of other corporate securities issued on the FMDQ platform since the beginning of this year, i.e., 2021 which comprises commercial paper issuances by Total Nigeria Plc, Valency Agro Nigeria Ltd, and Mixta Real Estate Plc.

What this means

The recent listing reflects investors’ confidence in the Nigerian Debt Capital Market to provide necessary funds for corporate entities, in a bid to bridge capital shortfall occasioned by the COVID-19 pandemic. The availability of the funds will help strengthen the capacity of the listed firms to continue in business, protecting jobs and averting the collapse of these firms.

In lieu of this, the listed securities will be afforded the opportunity to leverage the benefits of value-driven listings and quotations service on the FMDQ exchange, including global visibility through its website and system.

What you should know

• Nairametrics had earlier reported the admission of Total Nigeria Plc and 2 other CPs by FMDQ Securities Exchange.
• The NMRC is a public limited liability company incorporated on the 24th of June, 2013 with the core mandate of refinancing mortgages. It was set up to bridge the funding cost of residential mortgages and promote the availability as well as the affordability of good housing to Nigerians by providing increased liquidity in the mortgage market through the mortgage and commercial banks.
• DLM capital acted as issuing house and financial advisors on the Nigeria Mortgage Refinance Company Series 3 Bond Issuance.