FMDQ Securities Exchange Limited announced that it had approved and re-admitted MTN into its exchange for the quotation of N19.77 billion series 3 and N53.74 billion series 4 commercial papers.
The re-admission of MTN follows its N200 billion commercial paper issuance programme on the FMDQ platform.
This was disclosed in a statement issued by the exchange.
Speaking on the listing, the Chief Financial Officer (CFO) of MTN Nigeria, Mr. Modupe Kadiri, said that the market welcomed the issuance which was indicative of the market’s confidence in MTN.
He said, “MTN Nigeria is very pleased with the success of our series 3 and Series 4 CP issuances, which further diversify our funding sources, help to optimise our finance cost and strengthen the Nigerian financial markets.
“The issuance was well received by the market, with strong participation from a diverse group of investors, signifying the market’s continued confidence in our business.
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“By quoting these CPs on FMDQ Exchange, we are able to provide investors with a strong platform for liquidity and price discovery. Proceeds from the issuance will be deployed towards the company’s working capital and general corporate purposes.”
Working closely with MTN to bring to fruition its series 3 and series 4 commercial paper issuance was Chapel Hill Denham Advisory Limited, which raised N75.1 billion from both series “at competitive rates”.
The Managing Director of Chapel Hill Denham Advisory Limited and Registration Manager of FMDQ Exchange, Mrs. Kemi Awodein, said, “Chapel Hill Denham Advisory Limited is honoured to have worked with MTN Nigeria as Sole Arranger and Dealer on the Series 3 and Series 4 CP issuances to raise an aggregate amount of ₦75.1 billion across the two series at competitive rates during a period of unsettling and volatility in the fixed income market.
“This issuance represents the largest CP issuance this year and its success demonstrates the Issuer’s strong credit, leading position in the market and industry; as well as its long-term prospects.”
