BY CHARLES ABUEDE
CardinalStone Partners’ N10 billion Series 2 commercial paper (CP) has been floated on the FMDQ Securities Exchange under the investment bank’s N10 billion CP issuance programme, the exchange said in a statement on Friday.
FMDQ said the admittance of the paper comes followed approval its board listings and markets committee as the exchange continues to maintain its support for the development of the Nigerian debt capital markets (DCM), using the platform to efficiently enhance the registration, listing, quotation and trading of debt securities in the Nigerian financial markets space.
It explained that the proceeds from the listing will be used by the issuer to support its short-term financing requirements.
The CP paper was jointly sponsored to the exchange by FBNQuest Merchant Bank Limited as lead sponsor; CardinalStone Partners Limited, EAC Advisory Limited, FCMB Capital Markets Limited and United Capital PLC, all of them registration members (quotations) of the exchange.
CardinalStone Partners Limited, the issuer, is a full-service investment banking and financial services company that provides services encompassing financial advisory, asset management, securities trading, share registration, and consumer finance on a retail and institutional scale.
FMDQ in the statement said so far in 2022, the successive and successful admittance of the securities listed and quoted following due approvals attests to the efficient and uniquely tailored listing and quotation service offered by the FMDQ Exchange, Nigeria’s largest securities exchange by market turnover (with an annual average of N166 trillion over the last eight years).
Meanwhile, the quotation of CardinalStone’s commercial paper on the FMDQ Exchange’s platform validates its conscious drive to support the goals of corporate businesses in meeting their capital raising needs and to deepen the Nigerian financial markets, the statement noted.
The exchange said it is very much committed to powering the growth of the Nigerian DCM by steadfastly availing its efficient platform for the registration, listing, quotation and trading of securities.