FMDQ approves Stanbic IBTC ₦20.00bn CP programme

The FMDQ OTC Securities Exchange (FMDQ or the OTC Exchange) Board Listings, Markets and Technology Committee, has approved the registration of the Stanbic IBTC Holdings PLC ₦20.00billion Commercial Papers (CP) Programme on its platform.

The company noted that while the paper is yet to be issued, eventually, issues from the Programme are to be quoted on the OTC Exchange.

Meanwhile, FMDQ in a statement made available to Daily Times Nigeria while refuting recent publication alluding to issuance of N20 billion Stanbic IBTC Commercial paper said reports of its issuance of N20 billion Stanbic IBTC commercial papers was misrepresentation.

“FMDQ did not make any statement alluding to the issuance of N20bn commercial papers or the raising of N20bn from the market in commercial paper notes by Stanbic IBTC Holdings PLC. The headline, to which the Stanbic IBTC Holdings PLC publication referred, was a misrepresentation of the facts provided by FMDQ.

Indeed the article itself provided the necessary clarity as to the launching of a CP Programme and did not record that the CPs had been issued”

Other publications in the Dailies, the company noted, however, represented the facts as appropriate. The Stanbic IBTC Holdings PLC publication provides further explanation on what a CP Programme i.e. a shelf registration is. FMDQ offers this service, the registration of Debt Issuance Programmes, to potential issuers who wish to tap the debt markets in a more convenient way,

FMDQ offers CP Programme i.e. a shelf registration service, or the registration of Debt Issuance Programmes, to potential issuers who wish to tap the debt markets in a more convenient way, whilst maintaining the standards of governance, due diligence and integrity, to the benefit of potential investors and the markets as a whole.

The announcement of CP Programme launches is part of FMDQ’s course of business in line with its transparency and information disclosure mandate towards the development of the Nigerian debt capital markets.

The Stanbic IBTC Holdings CP Programme, came in line with previous papers that have been listed ion FMDQ, as commercial papers (CPs), continue to serve as an alternative source of complementing working capital requirements, among others, for businesses to thrive.

By playing host to several CP quotations, FMDQ, provides the much-needed visibility, confidence and protection to issuers, investors, market regulators, among others, whose direct and indirect activities play an important role in developing the nation’s economy.

With a streamlined and efficient registration process, FMDQ, avails a commendable quotations service which offers among others, credibility for quoted CPs and global visibility via the Quotations Page on the FMDQ website and the FMDQ-Bloomberg Trading & Surveillance System (E-Bond).

Also, FMDQ publishes the Quoted CPs Status Report which provides up to date information and the status of all CPs quoted on FMDQ’s platform.

Having joined other top rated institutions that have their CP programmes registered on the OTC Exchange, Daily Times Nigeria reveals that, the timely and efficient registration of the Stanbic IBTC Holdings CP Programme is a validation of FMDQ’s mandate to be operationally excellent, towards the transformation of the Nigerian debt capital market.

To date, FMDQ has welcomed circa ₦250.75bn worth of CP issuances for quotation on its platform.