FMDQ Admits Commercial Papers of United Capital, Sterling Bank

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Goddy Egene

FMDQ Exchange Limited has admitted the United Capital Plc N1.35 billion Series 1 and N3.97 billion Series 2 commercial paper(CP) under its N20 billion CP Issuance Programme and the Sterling Bank Plc N6.85 billion Series 1 Tranche A and N8.15 billion Series 2 Tranche A CP under its N100 billion CP Issuance Programme onto the exchange’s platform.

The exchange said in a statement that despite the economic headwinds experienced by businesses around the world owing to the COVID19 pandemic, FMDQ Holdings Plc has through its subsidiary, FMDQ Exchange continued to avail necessary support to governments, corporates and individuals through the provision of capital market solutions.

“The Nigerian capital market and indeed, the CP has in recent times provided the much-needed succor for corporate entities looking to raise funds to meet shortfalls in their working capital needs as well as capital expenditures. These commercial papers like all other securities listed, quoted and traded on the FMDQ Exchange platform shall be availed global visibility through the FMDQ Exchange’s website and systems, transparency through its inclusion in the FMDQ daily Quotations List, governance and continuous information disclosure to protect investor interest, credible price formation amongst other benefits derived from the preferred admission to the FMDQ Exchange platform,” it said.

The exchange added that as the realities of the aftermath of the COVID-19 pandemic hit businesses, communities and individuals, FMDQ Group remains committed to the well-being of the markets and shall continue to deploy strategies to promote market development amidst the volatilities, in collaboration with market participants, towards boosting the resilience of the Nigerian financial market.