FMDQ OTC Securities Exchange has listed the Sterling Investment Management SPV PLC N7.965 billion short- medium term bond.
A statement from Sterling’s management the bond which in series 1, 7-Year at 16.50 percent Fixed Rate revealed that it is part of a N65 billion debt issuance programme.
Sponsor of the bond on FMDQ, Mr. Niyi Omojola, Partner at Constant Capital Partners Ltd, stated that “Constant Capital, the lead issuing house in this transaction, crafted a unique, innovative investment structure which enabled the Sterling SPV Bond share in the same investment grade rating as Sterling Bank PLC, thereby, enlarging the range of potential investors in the bond.
“The innovative structure protects investors by providing Federal Government of Nigeria bonds-backed credit enhancement while investing in the Tier II Note of Sterling Bank PLC.
“This innovation has allowed investors benefit from an enhanced rating, while providing Tier II capital to Sterling Bank PLC.”
A Ceremony was held on Monday, November 21, 2016 at the FMDQ offices to formally welcome this listing on the FMDQ platform.
The Exchange played host to the issuer, represented by Mr. Abubakar Suleiman, Executive Director, Sterling Bank PLC (the Bank), as well as the sponsor of the bond on FMDQ’s platform, the Registration Member (Listings), represented by Mr. Ike Echeruo, Managing Partner, Constant Capital Partners Ltd., amongst others.
Other key highlights included the demonstration of FMDQ’s appreciation to the issuer and sponsor for their contributions to the development of the Nigerian debt capital market (DCM) in the form of the unveiling of the FMDQ Listing Scrolls, presentation of the FMDQ Listing Plaques, and the autographing of the FMDQ Bond Listing Wall of Fame, Worldstage reports.
