Nume Ekeghe
FSDH Merchant Bank Limited said it successfully raised N14.40 billion from its Series 3 and Series 4 Commercial Papers (CPs) issuance.
Collectively, Series 3 and 4 represent FSDH Merchant Bank’s second issuance under its N30 Billion CP Programme established in 2016.
In a statement yesterday, it revealed that Stanbic IBTC Capital Limited acted as Lead Arranger/Dealer while United Capital Plc and FSDH MB acted in the capacity of co-arrangers/dealers, and FSDH MB as issuing, calculation and paying agent.
The CPs offer, which closed on 26 May 2017, were open to investors at a discount rate of 18.50% for the Series 3 and 18.80% for the Series 4.
It further stated that the offer was received with considerable investor interest, and a high subscription level despite the persistent lack of liquidity and less than favourable market conditions so far experienced in the first half of 2017.
“This result is testament to investors’ confidence in FSDH MB as a credible institution with sound management and corporate governance practices, and an enviable track record of successful business operations in the domestic financial market,†the statement added.
The Managing Director, FSDH MB, Mrs. Hamda Ambah emphasised that the success of the bank’s most recent CP Issuance reaffirmed the confidence placed by the market in the bank’s brand and its strategic intent.
The CPs, were listed on the FMDQ platform on 20 June 2017 and the proceeds of the Issuance will be utilised to support FSDH MB’s short term financing requirements.
