By Nse Anthony-Uko,
ABUJA, (Sundiata Post) – The FMDQ Over-the-Counter Securities Exchange said, it is set to admit the pioneer listing of the $1 billion Federal Government of Nigeria Eurobond to its platform.
The Exchange, in a message on its website said the Eurobonds listing is in consolidation of the strategic and value-adding initiatives spearheaded by FMDQ platform in developing the Nigerian financial market. The FGN, on February 9, 2017, announced the pricing of its offering of $1 billion notes (Eurobonds) under its $1 billion Global Medium-Term Note Programme.
The Exchange said, “Following a series of engagements by FMDQ on the importance of promoting and supporting economic development in the country through the opening of Eurobonds to the domestic DCM via the OTC Exchange’s platform, the development which would set the pace for global competitiveness and deepen the Nigerian financial markets, was in tandem with the mandate of the FMDQ.”
According to FMDQ, the issuance of the $1bn FGN Eurobond is aimed at fostering economic development and it will serve to rejuvenate the vibrancy of the nation’s foreign exchange market. “Remarkably so, this is the first time the sovereign’s Eurobond will be considered for listing on a domestic exchange, following the nation’s first and second outings to the international capital market in 2011 and 2013, respectively.
“This most commendable consideration follows the decision of the Debt Management Office, Nigeria, the authority under which the FGN issues bonds and Treasury bills and the Ministry of Finance to list the Eurobond on an efficient domestic securities exchange such as FMDQ to deepen and support the development of the local DCM.
“In streamlining its processes and ensuring an efficient time to market for debt securities, FMDQ, being Nigeria’s foremost debt capital-focused OTC securities exchange has continued to provide a highly resourceful platform for the registration, listing of bonds, funds and the quotation of commercial papers, Treasury bills and other short-term securities as may arise from time to time, to meet the needs of the market participants.”
The exchange added that since its debut into the Nigerian financial market landscape, already granted permitted trading status for $1.50 billion of the previously issued FGN Eurobonds and $3.15 billion of Eurobonds issued by Nigerian companies.
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