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Eurobond Listing, Trading and Settlement Framework

Proshare

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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