FMDQ Listed Commercial Papers Worth N23.81bn In November

FMDQ OTC Securities Exchange listed N23.81bn worth of commercial papers in November 2019.

FMDQ, in its monthly newsletter, said the commercial papers were from four companies.

Commercial papers are unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts payable and inventories and meeting short-term liabilities.

They are usually issued at a discount from face value and reflect prevailing market interest rates.

The maturities on commercial paper rarely range longer than 270 days.

FMDQ said the debt securities admitted by during the period were from FBNQuest Merchant Bank Limited, Stanbic IBTC Bank Plc, CERPAC Receivables Funding SPV Plc and Mixta Real Estate Plc.

It said FBNQuest, on November 14, listed N3.31bn worth of commercial papers, under its series 18 commercial paper issuance while Stanbic IBTC listed $49.5m series 51 commercial paper on November 18.

At an exchange rate of N306.95 to $1, the total value of Stanbic IBTC’s commercial papers equal N15.19bn.

CERPAC Receivables Funding listed N2.78bn series 1 commercial paper on November 19.

Mixta Real Estate, on November 22, listed N2.53bn worth of commercial papers under the series 12 of its commercial paper issuance.

FMDQ said it would continue to exert commendable efforts in aligning the Nigerian financial markets to international standards, and had, through the promotion of product innovation and the championing of key market development initiatives, ensured that opportunities abound for the markets under its purview.