FMDQ Securities Exchange Limited announced on Monday the approval and admission for quotation of the MTN Nigeria Communications Plc’s N19.77 billion Series 3 and N53.74 billion Series 4 Commercial Papers under its N200.00 billion Commercial Paper Issuance Programme on its platform.

The FMDQ Exchange said in a statement that as businesses and institutions adjust to the new ‘normal’, corporate entities had continued to seek innovative and capital effective ways to source funding to finance their institutional needs

The Chief Financial Officer, MTN Nigeria,  Modupe Kadiri, was quoted as saying, “MTN Nigeria is very pleased with the success of our series 3 and Series 4 CP issuances, which further diversify our funding sources, help to optimise our finance cost and strengthen the Nigerian Nigerian financial markets.

According to Punch, the issuance was well received by the market, with strong participation from a diverse group of investors, signifying the market’s continued confidence in our business.”

“Proceeds from the issuance will be deployed towards the company’s working capital and general corporate purposes,” he said.

According to Kadiri, by quoting the CPs on FMDQ Exchange, the telecommunications company is able to provide investors with a strong platform for liquidity and price discovery.

“Proceeds from the issuance will be deployed towards the company’s working capital and general corporate purposes,” he said.

Kemi Awodein, managing director of Chapel Hill Denham Advisory Limited, was quoted as saying the company was honoured to have worked with MTN Nigeria as sole arranger and dealer on the CP issuances to raise an aggregate amount of N75.1 billion across the two series at competitive rates during a period of unsettling and volatility in the fixed income market.

This issuance represents the largest CP issuance this year and its success demonstrates the issuer’s strong credit, leading position in the market and industry; as well as its long-term prospects,” she added.

FMDQ Exchange said as part of its mandate to organise and govern markets within its purview and promote credibility and transparency in the Nigerian debt capital market space, it would continue to provide an innovative and efficient platform targeted at supporting the aspirations of institutions and governments, and making the Nigerian financial markets globally competitive, operationally excellent, liquid and divers