Union Bank’s bonds admitted on platform

FMDQ OTC Securities Exchange on Thursday admitted ₦13.50 billion Union Bank of Nigeria (UBN) Plc Bonds series 1 and 2 on its Platform.
The listed bonds were N7.19 billion series 1 and N6.31billion series 2 Senior Unsecured Fixed Rate Bonds under its N100 billion Debt Issuance.
Speaking at the listing in Lagos, Ms Kaodi Ugoji, Associate Executive Director, Corporate Development, FMDQ, commended the issuer for successfully raising ₦13.50 billon from the debt capital markets (DCM).
Ugoji said that FMDQ’s listings, quotations had been tailored to provide, among others, a unique opportunity for issuers, governments (Federal & State) and corporates alike, to raise the profiles of their issues and access a deep pool of funds from the DCM for long-term funding needs.
She reiterated the OTC Exchange’s commitment to continue to develop initiatives that would make the Nigerian DCM highly liquid, deep and well-developed.
Mr Emeka Emuwa, the bank’s Managing Director, said the bank was pleased to be listing its inaugural Series 1 & 2 issuances under its ₦100 billion Debt Issuance Programme on FMDQ Platform.
“The issuance of the Series 1 & 2 Bonds is a key milestone of our corporate funding strategy and listing the Bonds on FMDQ ensures growth in liquidity and transparency within the fixed income market in Nigeria,” Emuwa said.
Speaking on behalf of the sponsor to the issue and FMDQ Registration Member (Listings), Mr Kobby Bentsi-Enchill, stated that Stanbic IBTC Capital was pleased to have supported the bank with the issuance of the Series 1 & 2 Bonds under the Debt Issuance Programme as well as the listing on FMDQ.
“FMDQ has made significant strides with enhancing the liquidity of the DCM, and the listing of the Series 1 & 2 Bonds by Union Bank Plc further provides a competitive investment option for fund managers looking for sustainable returns over and above comparable treasury benchmarks.
“We are excited to continue a fruitful partnership with FMDQ and Union Bank,” Bentsi-Enchill said.
Mr Bola Onadele, FMDQ Managing Director, congratulated the issuer for successfully raising the bonds, and commended the sponsor to the issue Stanbic IBTC Capital, for its concerted efforts towards ensuring the success of the issuance.
Onadele stated that the Nigerian DCM had continued to make essential strides towards its development and the listing of the Union Bank Bonds on FMDQ marks another milestone in the success of the DCM.
He further reiterated that FMDQ, through consistent collaboration with its stakeholders, would continue to further deepen and effectively position the Nigerian DCM for growth, in support of the realisation of a globally competitive and vibrant economy.