FIRST City Monument Bank (FCMB) Group Plc has successfully completed the issuance of a N26 billion Perpetual 16 percent Fixed Rate Resettable bond
The additional Tier I Subordinated Bonds under the N300 billion debt Issuance Programme was 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 according to market participants, was issued at a clearing coupon rate of 16.0 percent per annum.
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.
Yemisi Edun, Managing Director of First City Monument Bank Limited said, “FCMB is very proud to be a part of a group that embraces innovation and thanks the investor community for their support which will enable the bank to achieve its long-term strategy.
“In addition to strengthening the bank’s capital base which will comply with the forthcoming application of Basel III capital requirements, the AT-1 bond will enable the Bank to finance incremental term lending in priority sectors.”
The net proceeds from the Series 2 Bond, the lender said, will be injected to the group’s banking subsidiary, First City Monument Bank Limited (“the Bank”).
This enables the group and the bank to execute long-term strategic objectives.
Chapel Hill Denham Advisory Limited and FCMB Capital Markets Limited acted as the Issuing Houses to the Series 2 Bond.
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