FMDQ Admits C & I Leasing’s N600m Bond to its Platform

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Barely a week into the formal admittance of the N16.79billion UACN Property Development Company Plc’s commercial paper, FMDQ OTC Securities Exchange yesterday welcomed yet another listing, the C & I Leasing Plc’s N600,000,000.00 18.25% fixed rate bond, on its platform.

To this end, a statement yesterday said the Exchange again played host to the Issuer, represented by the Managing Director of C & I Leasing PLC (C&I), Mr. Andrew Otike-Odibi, as well as the sponsor of the bond on FMDQ, WSTC Financial Services Limited, represented by its Managing Director/CEO, Mr. Tofarati Agusto, among others, to the listing ceremony.

As is customary of FMDQ listing ceremonies, the C & I Leasing received accolades, which included, among others, the signing of the FMDQ Bond Listings Register, presentation of the FMDQ Bond Listing Certificate, and the autographing of the FMDQ Bond Listing Wall of Fame.

Delivering the welcome address, Vice President & Divisional Head, Marketing & Business Development, FMDQ, Ms. Tumi Sekoni, congratulated the Issuer and all parties to the listing of the debt instrument and highlighted that FMDQ’s listing service had been tailored to provide, among others, a unique opportunity for issuers to raise the profiles of their issues and access a deep pool of capital, thereby meeting their long term funding needs even as the Nigerian debt capital market becomes aligned with international best practices and standards.

She further stipulated that the Exchange would provide continuous information disclosure on the C & I Leasing bond, including price/value data and detailed issuers’/issues information, to stakeholders via the ‘Listings & Quotations’ page on the FMDQ website.

In addition, to promote an efficient and well regulated market, which will attract and retain both domestic and foreign investors, improve price discovery and transparency for issuers, dealers, regulators and the general public, the Bond shall also be included on the FMDQ-Bloomberg E-Bond Trading System (E-Bond).

In his special address, the Managing Director / Deputy Group Chief Executive Officer, C & I Leasing, Mr. Otike Odibi said: “The current operating environment presents both opportunities and challenges, and as a leading player in the support services industry, an offer of this nature will provide additional capital to enable us expand our marine business operations, repay existing credit facilities and meet working capital obligations which will ultimately lead to more profitability and growth in market share guided by a robust risk management framework and strong corporate governance.”