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After painstaking preparations for takeoff, the Sterling Investment Management SPV Plc’s N7.965bn Series 1 bond has landed on the FMDQ OTC Securities Exchange platform.
The deal is coming on a seven-year 16.50 per cent fixed rate unsecured bond, under a N65bn debt issuance programme, is dubbed the Sterling SPV Bond.
To formally welcome the listing, a ceremony was held at the FMDQ office, where the Exchange played host to the issuer, represented by the Executive Director, Sterling Bank, Mr. Abubakar Suleiman; as well as the sponsor of the bond on FMDQ’s platform, the registration member (listings), represented by the Managing Partner, Constant Capital Partners Limited, Mr. Ike Echeruo, among others.
The issuer, sponsor of the bond on the Exchange and FMDQ, signed the FMDQ bond listings register, following which an FMDQ Bond Listing Certificate was presented to the issuer.
Ahead of signing the bond listings register, Suleiman said the last time the bank accessed the bond market was in 2011, and expressed his elation at the confidence placed in the institution by investors who participated in the offer despite the current volatility in the Nigerian financial market.
He acknowledged FMDQ’s contribution to the growth of the Nigerian debt capital market by facilitating active secondary market trading, noting that that the bank was offering greater value to its esteemed investors by listing on FMDQ to enhance the liquidity of the bonds.
The Vice-President and Divisional Head, Marketing /Business Development at FMDQ, Ms. Tumi Sekoni, while delivering the welcome address, congratulated the issuer for successfully raising N7.96bn from the Nigerian DCM, notwithstanding the current economic climate.
Managing Director, Atlantic Shrimpers Limited, Kamlesh Kabra (left); Officer, Notary Public, Bankole Animashaun; Executive Director/Chief Executive Officer, Nigerian Export Promotion Council (NEPC), Olusegun Awolowo; and the Commissioner for Agriculture, Lagos State Ministry of Agriculture, Suara Isiaka Oluwatoyin, during the inauguration of Atlantic Shrimp farm, in Badagry, Lagos.