The Sterling Investment Management SPV Plc N7.965 billion Series 1 bond has come on stream on the Financial Market Dealers Quotation (FMDQ) OTC Securities Exchange platform. The 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 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 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. She further highlighted that the listing would contribute to the growth of the Nigerian corporate bond market, invariably injecting renewed confidence into the DCM.