₦47.00bn Lagos State Bond Approved for Listing on FMDQ …Deepens the DCM and Paves the Way for Other Sub-national Issues

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The Lagos State Government has undoubtedly set the pace in 2017 for sub-nationals in the Nigerian debt capital market (DCM), having successfully raised a ₦47,000,000,000.00 Series 1 7-year 16.50% Fixed Rate Bond due 2023 (“the Lagos State Bond”) under its ₦500,000,000,000.00 Debt Issuance Programme. As with all the debt securities listed and quoted on FMDQ OTC Securities Exchange (“FMDQ” or the “OTC Exchange”), the OTC Exchange again provided its credible and efficient platform for the listing and subsequent trading of the Lagos State Bond following the approval of the FMDQ Board Listings, Markets and Technology Committee, making this the first sub-national bond to be issued in the Nigerian debt capital market and listed on FMDQ in 2017.

To align the standards in the Nigerian market to those of the model markets around the world, FMDQ, whilst currently providing permitted trading status for circa ₦225.00 billion of the previously issued bonds by the Lagos State Government on its platform, has continued to demonstrate its full commitment to making the Nigerian DCM robust and deep, through its capacity as the DCM market organiser and front-line regulator. Outstanding value delivery, as continues to be the focus of the OTC Exchange, was delivered through the efficient and swift listing process which was availed to the issuer and the sponsor of the listing on FMDQ, the Registration Member (Listings), Chapel Hill Denham Advisory Partners Ltd.

As a DCM-focused OTC Exchange, FMDQ facilitates growth and development in the debt capital markets, effectively cascading this to the Nigerian economy through the direct and indirect initiatives generated and implemented. Through its efficient platform for the registration, listing, quotation and valuation of bonds, the OTC Exchange has significantly improved transparency, and integrated the domestic and international markets through enhanced trade visibility, improved market surveillance, global presence and competitiveness, enhanced secondary market liquidity and effective price formation. The Lagos State Government has formally joined the league of issuers to benefit from the tailored FMDQ Listings and Quotations service, and indeed, all the benefits availed from a listing on FMDQ. A prestigious and unique listing ceremony, in honour of the issuer, to commemorate this significant milestone, will soon be held.

Not resting on its laurels, FMDQ, through the requisite systems which promote operational excellence, and its timely and market-oriented product innovation strategies, which has seen the emergence of the short-term bonds, among other debt securities, supports the corporate and government issuers, towards maximising the potential of their respective businesses and institutions via the Nigerian DCM.


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