BY CHARLES ABUEDE
Rand Merchant Bank has listed its N4.50 billion Series 1 and N10.50 billion Series 2 commercial papers (CPs) on the FMDQ OTC Securities Exchange after due approval by the board listings and markets committee of the exchange. The commercial papers were co-sponsored by Standard Chartered Capital & Advisory Nigeria Limited as the lead sponsor.
Rand Merchant Bank Nigeria Limited is an authorised financial services provider and a subsidiary of FirstRand Group PLC. offering a comprehensive suite of investment banking products and services, advisory, finance and trading solutions, as well as investment opportunities and fund management to its diverse stakeholders.
According to a disclosure by FMDQ, the listing is part of the ways in which the exchange continues to consistently empower its stakeholders by proffering solutions that drive originality, addressing pressing needs, and ultimately delivering value whilst it also provides access to capital for corporate and government entities through its efficient and proficient securities admission service.
The quoted commercial paper is under Rand Merchant Bank’s N80 billion CP Issuance Programme on the FMDQ platform and forms a part of the exchange’s commitment to continuously leverage technology to foster innovation, transparency, and time-to-market efficiency in its securities admission service. The company said it will continue to provide a dynamic and innovative platform for capital formation, offering institutions the support required to impact their sectors.
The disclosures also stated that the sponsorship of the CPs to the exchange had Rand Merchant Bank Nigeria Limited, Stanbic IBTC Capital Limited, FCMB Capital Markets Limited and FSDH Capital Limited, who are all registration members (Quotations) of the exchange, and that these quoted papers shall be availed all the benefits of FMDQ Exchange’s prestigious listing and quotation service, including global visibility through the FMDQ Exchange website and systems, governance, credible price formation and continuous information disclosure to protect investor interest, amongst others.