FCMB suspends proposed N30bn Commercial Paper issuance

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FCMB Group Plc has notified the Nigerian Stock Exchange (NSE) and its esteemed shareholders that the proposed Commercial Paper (CP) Issuance by one of its subsidiaries, First City Monument Bank Limited (the Bank) has been suspended.

“This is as a result of the Nigerian Treasury Bills auction of Wednesday, December 9, 2020, which distorted price discovery”, FCMB said in a recent notice.

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Recall that FCMB Group had last week said its banking subsidiary will undertake a Commercial Paper Issuance (CP) under its N100 billion CP programme.

The CP was meant to have a tenor of 260 days with the aim of raising up to N30billion to support the bank’s short term funding needs. The CP serves as an additional funding source for the bank.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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