FCMB Capital Markets Limited, the investment banking subsidiary of FCMB Group Plc, has acted as financial adviser and lead issuing house on the successful fund raising and listing of LAPO Microfinance Bank Limited’s N3.15 billion bond on the FMDQ OTC Securities Exchange Plc’s platform.
The bond, the first ever by a microfinance bank to raise money in Nigeria’s debt capital market, was priced at 17.75 percent and has a tenor of five years. The issue was rated A- by Agusto & Co and BBB+ by GCR, which are investment grade ratings.
Speaking during the bond listing ceremony in Lagos, the Executive Director of FCMB Capital Markets Limited, Mr. Tolu Osinibi, said: “We are excited and grateful at having been given the opportunity by LAPO MfB to have played a leading role on this landmark transaction.”
Also speaking, the CEO of LAPO Microfinance Bank, Dr. Godwin Ehigia-musoe, said: “The gap between the demand by micro, small and medium businesses and the little supply is still huge.
“LAPO MfB was only able to deliver loans valued at N135.7 billion in 2017. We have, therefore, made a very sound decision.”