The Stanbic IBTC Bank PLC, has received approval from the FMDQ OTC PLC for the renewal of its shelf registration of N100 Billion Multicurrency Commercial Paper (CP) Programme.
The renewal of the Programme, initially established in 2012 in compliance with the Central Bank of Nigeria (CBN) guidelines for CP issuance, demonstrates Stanbic IBTC Bank’s commitment to actively contributing towards development of the financial and capital markets in Nigeria.
Recently, Stanbic IBTC Holdings obtained approval from the FMDQ to register its debut N20 billion CP Programme.
Consequently, Stanbic IBTC Holdings has the distinct advantage of accessing the CP market for bespoke funding needs in a timely fashion, as and when favourable market conditions arise.
Chief Executive, Stanbic IBTC Bank PLC, Dr Demola Sogunle, said that the renewal of the N100 Billion Multicurrency Commercial paper is in line with the bank’s strategic drive to promote alternative capital sources including debt financing.
Pursuant to these approvals, both Programmes shall be included on the Quotations List of the FMDQ, and all relevant information on the CP Programme uploaded to the FMDQ website. Stanbic IBTC Bank intends to resume regular issuance under its CP Programme imminently, as part of the bank’s overall assets and liabilities management strategy. Notes issued under the Programme shall also be updated to the Quotations page of the FMDQ website after which they will be admitted to, and eligible for trading on, the platform. In contrast, Stanbic IBTC Holdings is not immediately contemplating a transaction.
Stanbic IBTC Bank and other members of the Stanbic IBTC Holdings PLC group of companies have had a longstanding history of partnership and promotion of capital markets development with the FMDQ. Stanbic IBTC Bank is one of the 24 Commercial and Merchant Banks who are part owners and stakeholders of the FMDQ. The Bank joined the platform in 2011 and has been an active partner since. Stanbic IBTC Bank was the first issuer to register a CP Programme and quote CP notes on the FMDQ platform in 2014. The Stanbic IBTC Bank CP Programme is also notable for being the first and only CP Programme to have been renewed on the FMDQ platform.