FMDQ Exchange Admits Coronation Merchant Bank’s Commercial Papers worth N3.63billion

FMDQ Securities Exchange Limited has announced the admission of Coronation Merchant Bank’s Commercial Papers worth a combined total of N3.63 billion on its platform, series 11 and 12 CP under its ₦100.00 billion CP Issuance Programme.

Coronation Merchant Bank, obtained a merchant banking license and an FX dealing license in 2015. Coronation Merchant Bank Limited provides merchant banking services, such as; assets/fund management services, securities trading, treasury services to corporate institutions, institutional investors and high net worth individuals.

According to a disclosure by FMDQ Exchange, the admitted CPs are; a N1.29 billion Series 11 and N2.34 billion series 12 commercial papers, which are part of a N100 billion CP issuance programme ecosystem.

As part of the regulatory requirements, the admission of the aforementioned CPs is sequel to approval by the Board Listings, Markets and Technology Committee of FMDQ.

The need to raise short–term capital through the CP issuance became imperative due to the impact of the pandemic on the income of most businesses.

The deal is most likely to serve as liquidity buffers to Coronation Merchant Bank, providing short-term funds through alternative financing options, to plug capital shortfalls and sustain its business activities.

FMDQ Securities Exchange Limited has so far announced the admission of six (6) Commercial Papers valued at N22.29 billion in 2021. By the virtue of its admission to the FMDQ platform, the recent CP will enjoy value-driven services such as global visibility, liquidity credible price formation and continuous information disclosure.