• Saturday, February 24, 2024
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FCMB Group completes issuance of N26bn bond

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.

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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.

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.

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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.