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Sterling bank launches N100bn Commercial Paper programme

By Nkiruka Nnorom

FMDQ OTC Securities Exchange has listed and quoted Sterling Bank Plc N100 billion Commercial Paper (CP) Programme on its platform. The registration, according to the Exchange in a statement, followed the due approval of the FMDQ Board Listings, Markets and Technology Committee and serves to further instill confidence in the possibilities of the Nigerian financial market, given the current economic climate.

“By registering and subsequently quoting the Sterling Bank CP Programme on FMDQ’s platform, stakeholders benefit from the commendable and considerably quick registration process and the continuous provision of invaluable information as part of the OTC Exchange’s commitment to organise, govern and enforce transparency in the fixed income market space.

Having successfully commenced and developed its listings and quotations process, FMDQ has, in line with international standards, facilitated and contributed, in no small measure, to the growth and

competitiveness of the Nigerian fixed income market. The timely and efficient registration of the Sterling Bank CP Programme is a validation of one of the core mandates of FMDQ towards revolutionising the Nigerian debt capital market,” Exchange said. .

By playing host to several bond issues and CP quotations, including the listing of the Federal Government of Nigeria, FGN bonds and the quotation of the Nigerian Treasury Bills, amongst others, the OTC Exchange has continued to provide the much-needed confidence and protection to issuers and investors respectively, whose direct and indirect activities play an important role in enhancing the vibrancy of the nation’s economy.

Commendably, within the fourth quarter of 2016 alone, issuers such as UACN Property Development Company Plc, C & I Leasing Plc, FSDH Merchant Bank Limited, Dufil Prima Foods Plc, Ecobank Nigeria Limited, Sterling Investment Management SPV Plc and most recently the Wema Funding SPV Plc have sought and found succor for the listing and quotation of their respective debt securities on FMDQ’s platform.

 


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