FMDQ OTC to list N8.0bn NMRC bond

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FMDQ OTC Plc will on Wednesday list Nigeria Mortgage Refinance Company (NMRC) N8.0 billion bond (14.9 per cent July-2030) two weeks after the securities exchange listed Wema Bank Plc N8.15 billion Series 1 Commercial Paper (CP).

The N8.0 billion NMRC with coupon rate of 14.9 per cent and due on 2030 is under the company N140 billion Medium-Term Note Programme.

The establishment of the NMRC in 2013 set in motion the course towards home ownership from accessibility to affordable, adequate and quality housing in the Nigerian economy, through the promotion and development of the primary and secondary mortgage markets in Nigeria.

However, a crucial aspect in the success of the NMRC model being the raising of finance from the debt capital market through regular and large issuances of bonds.

The first tranche was the N8.0 billion that will be listed on the FMDQ OTC. According to the platform, it is delighted on the planned listing.

“We expect among others, the issuer, represented by the Chief Executive Officer of NMRC, the issuing house, represented by the Managing Director of Dunn Loren Merrifield Advisory Partners, as well as the former Coordinating Minister of the Economy, being one of the foundational members of the NMRC initiative” the securities exchange said.

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