FCMB Group completes issuance of N26bn bond

FCMB Group Plc has successfully completed the issuance of a N26billion perpetual 16percent fixed rate resettable NC5.25 additional tier I subordinated bonds under the N300billion Debt Issuance Programme.

The successful Series 2 Bond issuance highlights the Group’s commitment to embracing innovation in the Nigerian Banking sector and is in line with the Central Bank of Nigeria’s desire for stronger capitalised banks.

Chapel Hill Denham Advisory Limited and FCMB Capital Markets Limited acted as the Issuing Houses to the Series 2 Bond.

Related News

FCMB Group said the offer was well received by the market with active participation from a diverse range of high-value investors, including Corporates, other Financial Institutions, Trustees, and high net-worth individuals.

The Additional Tier 1 (AT1) instrument was issued at a clearing coupon rate of 16percent per annum. The net proceeds from the Series 2 Bond will be injected to the Group’s banking subsidiary – First City Monument Bank Limited– enabling the Group and the bank to execute its long-term strategic objectives.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. 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). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.