FMDQ, NSE List Sterling Investment Management SPV N32.9bn Bond
FMDQ OTC Securities Exchange and the Nigerian Stock Exchange (NSE) yesterday listed the listed the Sterling Investment Management SPV Plc N32.90 billion Series 2, 7-Year 16.5 per cent Fixed Rate Unsecured Bond, under a N65.00 billion Debt Issuance Programme .
Speaking at the listing ceremony, Managing Director and Chief Executive of Sterling Bank Plc, Mr. Abubakar Suleiman, said: “We are pleased to list the Sterling SPV Bond on FMDQ and NSE. The success of the bond reflects the increasing appetite of local institutional investors for long term debt instruments. We are happy with the very strong outcome which shows investors’ confidence in Sterling Bank Plc, and further strengthens and diversifies our corporate funding strategy. The bank looks forward to same peerless support in its future bond issues. We would also like to use this opportunity to appreciate FMDQ for its strategic role in deepening the Nigerian DCM by facilitating active secondary market trades and promoting the transparency of the listed instruments.” He said the bank looked forward to same peerless support in its future bond issues and appreciated FMDQ for its strategic role in deepening the Nigerian DCM by facilitating active secondary market trades and promoting the transparency of the listed instruments.
Suleiman also appreciated stockbrokers for supporting the bank, adding that share price has reflected the true value of the bank. Speaking at the listing ceremony, Associate Markets, FMDQ, Executive Ms. Director, Tumi Sekoni, Capital congratulated the issuer for having successfully raised N32.90 billion from the Nigerian debt capital market (DCM). She commended the issuer for yet again joining the league of corporate entities whose debt profiles have been raised via the value-packed listings, quotations and noting service offered by FMDQ, for the second time.
According to her, the listing would contribute to the growth of the Nigerian corporate bond market, consistently injecting renewed confidence into the DCM, assuring all parties that FMDQ would continue to innovate and provide efficient services, as may be necessary, to support issuers and investors, towards achieving a globally competitive and operationally excellent DCM.