FMDQ admits N13.50 billion Union Bank bonds

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FMDQ OTC Securities Exchange has listed Union Bank of Nigeria Plc’s N7.19 billion Series 1 and N6.31 billion Series 2 Senior Unsecured Fixed Rate Bonds under its N100.00 billion Debt Issuance Programme on its platform.

Ms. Kaodi Ugoji, Associate Executive Director, Corporate Development, FMDQ, speaking at the listing ceremony in Lagos, applauded the issuer for successfully raising N13.50 billon from the debt capital markets (DCM).

She noted that FMDQ’s listings, quotations has been tailored to provide, among others, a unique opportunity for issuers, Governments (federal & State) and Corporates alike, to raise the profiles of their issues and access a deep pool of funds from the DCM, thereby meeting their long-term funding needs.

She reiterated the OTC Exchange’s commitment to continue to develop initiatives that will make the Nigerian DCM highly liquid, deep and well-developed.

Mr. Emeka Emuwa Managing Director/CEO of Union Bank said: “Union Bank Plc is pleased to be listing its inaugural Series 1 & 2 issuances under its N100.00 billion Debt Issuance Programme on FMDQ Platform.

The issuance of the Series 1 & 2 Bonds is a key milestone of our corporate funding strategy and listing the Bonds on FMDQ ensures growth in liquidity and transparency within the fixed income market in Nigeria”.

Speaking on behalf of the sponsor to the issue and FMDQ Registration Member (Listings), Mr. Kobby Bentsi-Enchill, stated that Stanbic IBTC Capital was pleased to have supported Union Bank with the issuance of the Series 1 & 2 Bonds under the Debt Issuance Programme as well as the listing on FMDQ.

“FMDQ has made significant strides with enhancing the liquidity of the DCM, and the listing of the Series 1 & 2 Bonds by Union Bank PLC further provides a competitive investment option for fund managers looking for sustainable returns over and above comparable treasury benchmarks. We are excited to continue a fruitful partnership with FMDQ and Union Bank Plc”.

Mr. Bola Onadele, Managing Director/CEO of FMDQ, in his closing remarks, congratulated the issuer for successfully raising the Bonds, and commended the sponsor to the issue and Registration Member (Listings) of FMDQ, Stanbic IBTC Capital, for its concerted efforts towards ensuring the success of the issuance.

Onadele stated that the Nigerian DCM has continued to make essential strides towards its development and the listing of the Union Bank Bonds on FMDQ marks another milestone in the success of the DCM.

He reiterated that FMDQ, through consistent collaboration with its stakeholders, shall continue to further deepen and effectively position the Nigerian DCM for growth, in support of the realization of a globally competitive and vibrant economy.

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