Eurobond Listing, Trading and Settlement Framework

Thursday, March 02, 2017 2:53 PM/ NSE

Parties Involved

•         Issuer (DMO)

•         Issuer Agents

1.       Transfer agent (CSCS)

2.      Settlement Bank/Paying agent

•         The Nigerian Stock Exchange (NSE)

•         Depository, Clearing & Settlement System (CSCS)

•         Custodians (Foreign & Domestic)

•         Dealing members (Broker)

•        Trustees

Offshore Capital Raising with Domestic (Local) Secondary listing

Offshore Capital Raising with Domestic (Local) Secondary listing

Trading & Settlement Scenarios: 

Cross Border Trades

•  Seller (Offshore) & Buyer (Domestic)

•  Seller (Domestic) & Buyer (Offshore)

Regular Trades (already existing)

•  Seller (Domestic) & Buyer (Domestic)

Seller (Offshore) & Buyer (Domestic)

Seller (Domestic) & Buyer (Offshore)

Seller (Domestic) & Buyer (Domestic)

Cash Settlement and Coupon Payment

1.Trading & settlement is in currency of Issuance
2. Dealing members/Investors will be required to open a Domiciliary account (USD) with their Settlement Banks

3. Domiciliary account must be opened with the existing Settlement Bank

4. Clearing and settlement of cash will only be effected on Domiciliary account

5. Issuer appointed agents (Domestic & Offshore) will be responsible for payment of coupon & redemption when due.


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