C & I Leasing lists N0.60bn bond on FMDQ
FMDQ OTC Securities Exchange has admitted the listing of C & I Leasing Plc’s N600m 18.25 per cent fixed rate bond on its platform.
This is coming barely one week into the formal admittance of the N16.79bn UACN Property Development Company Plc’s commercial paper.
The Exchange, therefore, played host to the issuer, represented by the Managing Director of C & I Leasing, Mr. Andrew Otike-Odibi; as well as the sponsor of the bond on FMDQ, the Registration Member (Listings), WSTC Financial Services Limited, represented by the Managing Director/CEO, Mr. Tofarati Agusto, among others.
As is customary of FMDQ listing ceremonies, the C & I Leasing bond listing ceremony was accorded requisite awards, which included, among others, the signing of the FMDQ bond listings register, presentation of the FMDQ bond listing certificate, and the autographing of the FMDQ bond listing Wall of Fame.
The Vice President and Divisional Head, Marketing and Business Development, FMDQ, Ms. Tumi Sekoni, in her address, congratulated the issuer and all parties to the listing, and highlighted that FMDQ’s listing service had been tailored to provide, among others, a unique opportunity for issuers to raise the profiles of their issues and access a deep pool of capital, thereby meeting their long term funding needs even as the Nigerian debt capital market becomes aligned with international best practices and standards.
She added that the Exchange would provide continuous information disclosure on the C & I Leasing Bond, including price/value data and detailed issuers’/issues information, to stakeholders via the ‘Listings & Quotations’ page on the FMDQ website.
In addition, to promote an efficient and well regulated market, which will attract and retain both domestic and foreign investors, improve price discovery and transparency for issuers, dealers, regulators and the general public, the bond shall also be included on the FMDQ-Bloomberg E-Bond Trading System, she noted.
While also delivering his address, Otike-Odibi, stressed that, ‘’The current operating environment presents both opportunities and challenges, and as a leading player in the support services industry, an offer of this nature will provide additional capital to enable us expand our marine business operations, repay existing credit facilities and meet working capital obligations which will ultimately lead to more profitability and growth in market share guided by a robust risk management framework and strong corporate governance.
“We remain committed and focused on the fundamentals of our business which are efficiency and service delivery whilst intensifying efforts to boost our revenue generating profile from our other businesses and reduce credit exposures to volatile segments of the market.”
Following the presentation of the listings scroll, the Registration Member (Listings), Agusto said, “Coincidentally, C & I Leasing and WSTC Financial Services Limited were pioneer finance houses as both commenced operations in 1991 and were amongst a handful of those that survived the monumental crash of the industry in 1993.”