FMDQ OTC Securities Exchange Lists N15.54bn Stanbic IBTC Bank Bond

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FMDQ OTC Securities Exchange Lists N15.54bn Stanbic IBTC Bank Bond. Following the listing of the pioneer corporate bond, N30.5bn UBA Bond, on its platform, FMDQ OTC PLC (FMDQ), on June 8, 2015, welcomed the listing of the Stanbic IBTC Bank PLC ₦15,540,000,000.00 Series 1 (Tranches A & B) 10-Year Subordinated Notes under a ₦150,000,000,000.00 Structured Note Programme due in 2024 (the Stanbic IBTC Bond).

In commemoration of this listing, FMDQ hosted the issuer, represented by the Chief Executive Officer of Stanbic IBTC Bank PLC, Mr. Yinka Sanni, to the FMDQ Bond Listing Ceremony. The issuing house/sponsor of the bond on FMDQ platform, Stanbic IBTC Capital Ltd., was also represented at the ceremony by the Head of Debt Capital Markets, Mr. Kobby Bentsi-Enchill.

According to the MD/CEO of FMDQ, Mr. Bola Onadele. Koko, FMDQ is a debt-focused securities exchange with a commitment to facilitate growth and development in the financial market through its efficient platform for the registration, listing, quotation and valuation of bonds. He further highlighted that listing of debt securities on FMDQ provides a wide range of benefits across the debt market value chain to include global visibility and transparency to the listed debts, improved secondary market liquidity, price formation and benchmark pricing, positively impacting the Nigerian debt capital market (DCM) stakeholders i.e. issuers, issuing houses, investors, market makers and regulators, and resulting in a more globally competitive capital market.

Ahead of the unveiling of the FMDQ Bond Listing Scroll, presentation of the FMDQ Bond Listing Plaque to the Issuer, and autographing of the FMDQ Bond Listing Wall of Fame, Mr. Sanni noted that the Stanbic IBTC Bond is the second corporate bond to be listed on FMDQ’s platform and that Stanbic IBTC Bank PLC is pleased to achieve this milestone and contribute to the deepening of the Nigerian debt capital markets. He explained that the N15.54 billion bond issue was the first series issued under Stanbic IBTC’s Structured Note Programme and comprised of two tranches of fixed and floating rate notes. The bonds have a tenor of 10 years and are notable for being the longest tenured bonds in its asset class to be issued in the Nigerian Capital Markets. Net proceeds of the issue was applied to fund the Bank’s asset growth in the personal and business banking segment, whilst shoring up capital adequacy in the form of Tier II Capital, in line with Central Bank of Nigeria’s regulatory framework. He further highlighted that the bonds are listed on FMDQ because the exchange provides a dedicated over-the- counter platform, which serves to enhance the liquidity of bonds and other securities traded on it. He concluded, by noting that growth in secondary market liquidity will contribute immensely to the growth in the overall domestic bond market, therefore FMDQ’s value proposition for the transformation of our markets, will help deepen secondary market liquidity and transparency, thus further aligning our market with international best practices.

Subsequently, the issuer, issuing house/sponsor and FMDQ, represented by the Vice-Chairman, FMDQ OTC PLC & Member, Board Listings and Quotations Committee, Mr. Jibril Aku alongside Mr. Onadele signed the FMDQ Bond Listing Register. The Bond Listing Certificate was also presented to the issuer.

Speaking at the ceremony, Mr. Bentsi-Enchill representing Stanbic IBTC Capital Ltd., the sponsor of the bond on FMDQ’s platform, purported that the listing of the bond on FMDQ OTC securities exchange is expected to promote secondary market liquidity, thus providing a pricing benchmark for subsequent issuances under the Stanbic IBTC Structured Note Programme. The Programme is the first of its kind to be established in the Nigerian capital markets, as it allows for the issuance of different types of bonds for purposes of the issuer’s funding and liquidity management, regulatory capital management (e.g., Tier 2 Capital) and distribution of risk assets via credit linked notes.

As Nigeria’s foremost debt capital securities exchange, FMDQ recognises the growth potentials of issuers of debt in the Nigerian capital market and thus provides them with a remarkable opportunity to raise the profile of their issues and access a deep pool of capital. FMDQ remains unwavering in its continuous provision and disclosure of pertinent information on debt issues listed on its platform; These information include, amongst others, issue size, tenor, issue and maturity date, coupon, yield, issuer ratings, shelf prospectus, pricing supplement and issuer issue history.

An efficient, transparent and well regulated market, which FMDQ promotes, will attract and retain investors (domestic and foreign). Issuers have the opportunity to leverage on the provisions of this unique exchange to meet their long term funding needs, thus further developing the Nigerian financial market, and by extension, the Nigerian economy.

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