DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

Download:DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

Access Bank Boss Explains Successful N35 Billion Commercial Paper
By Goddy Egene
Group Managing Director/Chief Executive Officer of Access Bank,  Mr. Wigwe has said the high level of confidence  investors reposed on the bank led to the   successfully raising of  N35 billion commercial paper(CP) from the money market. The bank raised N35 billion through Access Bank Plc N8.45 billion Series 1, N4.22 billion Series 2 and N22.33 billion Series 3 Commercial Paper (CP) Notes under its N100.00 billion CP Programme.
Speaking at a ceremony to commemorate the listing  of the CP on the FMDQ OTC Securities Exchange yesterday in Lagos, Wigwe said: “Access Bank was able to raise N35 billion from the money market, the largest listed commercial paper issuance ever in Nigeria despite the current economic headwinds and prevailing tight liquidity situation in the country. This indicates the high level of investor confidence in Access Bank. This issue will allow us create a liquidity buffer as we align our liquidity management to international best practice based on our internal Liquidity Adequacy Assessment Process (ILAAP).This is particularly important given  the prevailing macro environment  and its impact on industry liquidity.”
Welcoming the guests, Vice President & Divisional Head, Marketing & Business Development of  FMDQ, Ms. Tumi Sekoni,   congratulated  Access Bank Plc on successfully raising  of N35.00 billion from the market at relatively competitive rates. She also lauded the contribution the bank was making to the development of the Nigerian markets, highlighting that the positive impact a quotation of this sort would have on the market was not to be underestimated.
Following the signing of the FMDQ CP Quotations Register and the presentation of the FMDQ CP Quotations Certificate to the issuer, Mr. Abubakar Jimoh of Coronation Merchant Bank Limited, said: “There is strong investors’ perception towards corporates with strong fundamentals and a good track record like Access Bank. This issue further demonstrates Access Bank’s commitment to continuously explore innovative financing options and consistently drive value growth for its stakeholders.”
Also speaking at the ceremony, Mr. Ayo Fashina  of Chapel Hill Denham, said: “This largest ever CP  Issuance in Nigeria’s money markets, provides further credence to Access Bank’s long-standing reputation as a top-grade issuer. We remain grateful to the domestic institutional investors – especially the Nigerian pension fund administrators – for their overwhelming support, and to the FMDQ-OTC management and team, who have worked with us to ensure a timely completion and quotation of this CP issuance.”