The FCMB Group Plc has successfully completed the issuance of a N20,686,000,000 Perpetual 16% Fixed Rate Resettable NC5.25 Additional Tier I Capital Subordinated Bonds (AT1) under its N300,000,000,000 Debt Issuance Programme.
To enhance its banking subsidiary, and its total adequacy
ratio, FCMB has successfully completed the issuance of a N20,686,000,000
surbodinate bonds.
The fund is perpetual 16 per cent Fixed Rate Resettable
NC5.25 Additional Tier I Capital Subordinated Bonds under its N300,000,000,000
Debt Issuance Programme, according to a statement by the financial institution.
The fund, raised under FCMB’s N300,000,000,000 Debt Issuance
Programme in the Nigerian capital market, will be invested in the Group’s
banking subsidiary, First City Monument Bank Limited, to enhance the Bank’s
Tier 1 and total capital adequacy ratios.
The statement addressed to shareholders and the investing
public through the Nigerian Exchange Limited (NGX) said FCMB Group Plc has
successfully completed the issuance of a N20,686,000,000 Perpetual 16 per cent
Fixed Rate Resettable NC5.25 Additional Tier I Capital Subordinated Bonds under
its N300,000,000,000 Debt Issuance Programme.
“The Group’s AT1 Issuance is the first non-sharia local
currency AT1 instrument issued in Nigeria and the Group’s maiden issuance of
its N300 billion funding programme in the Nigerian Capital Markets to support
its next phase of growth.
“The book build commenced on January 24, 2023, and closed on
February 3, 2023. 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 AT1 instrument was issued at a clearing coupon rate of 16.0
per cent per annum.
“The Group’s AT1 Issuance is the first non-sharia local
currency AT1 instrument issued in Nigeria and the Group’s maiden issuance of
its N300 billion funding programme in the Nigerian Capital Markets to support
its next phase of growth.
“The book build commenced on January 24, 2023, and closed on
February 3, 2023. 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 AT1
instrument was issued at a clearing coupon rate of 16.0 per cent per annum.
“The successful Series I Bond issuance highlights the
Group’s track record of innovation across a broad spectrum of the Nigerian
financial service industry and is in line with the Central Bank of Nigeria’s
desire for financial sector stability and well capitalized banks. The net
proceeds from the Series I Bond will be invested in the Group’s Banking
Subsidiary, First City Monument Bank Limited, enhancing the Bank’s Tier 1 and
total capital adequacy ratios and enabling the Group and the Bank to expand its
support for the growth and development of the Nigerian economy.”
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