Monday, September 14, 2020 / 5:56 PM / FMDQ / Header Image Credit: FMDQ Academy
The FMDQ Exchange has admitted commercial papers (CPs) of two new issues to its trading platform namely the Mixta Real Estate PLC N2.39bn Series 28 Commercial Paper under its N20.00bn Commercial Paper Issuance Programme and the CardinalStone Partners Limited N5.00bn Series 1 Commercial Paper under its N10.00bn Commercial Paper Issuance Programme.
The Mixta Real Estate PLC and CardinalStone Partners Limited CPs would be used to finance the issuers' short-term funding requirements. The CPs, like all other securities listed and traded on the platform, would be available to a global market through the FMDQ Exchange website and trading systems; investors would hope to see trading transparency through its inclusion on FMDQ's daily quotations list and governance and disclosure information to protect their interest; they would also expect credible price formation amongst other benefits from the Exchange.
Commenting on this debut CP issuance, CardinalStone Partners Limited representing the issuer stated: "The admission of the Issuance by CardinalStone on the Exchange will allow the Company consolidate its position as a credible borrower from institutional investors and one of the few non-bank affiliated financial services businesses that have accessed the debt capital markets. More importantly, the Issuance will form part of the Company's strategy to diversify its financing mix and to fund its working capital requirements".