Bonds & Fixed Income | |
Bonds & Fixed Income | |
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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".
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