FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, said it was appointed on commercial paper (CP) issuances and bond issuance transactions that raised over N677 billion last year.
CPs are short-term debt instruments issued by corporations to finance their working capital needs. CPs have become an integral source of capital for corporate entities.
FBNQuest Merchant Bank has a strong reputation for helping indigenous and multinational corporations’ access the capital markets to meet their funding goals, a statement by the company said.
The organisation has received numerous awards for its exceptional contributions to the industry, innovative solutions and commitment to excellence. The awards include the 2023 FMDQ Gold Awards for the Highest Value of CP and the AIHN award for Best CP Paper House.
The bank acted as an arranger for CP issuances for some of the most notable issuers in the market, including MTN Nigeria Communications Plc, Nigerian Breweries Plc, Flour Mills of Nigeria Plc and Daraju Industries Limited.
The performance of the bank in the debt capital market reflects its strong expertise, execution capability, client loyalty as well as its ability to provide innovative and tailored solutions to meet the diverse financing needs of its clients.
In 2023, FBNQuest acted as a joint issuing house for issuers such as the Lagos State Government and Flour Mills of Nigeria helping to raise a total of over N170 billion, which places them in the top five bond issuers for 2023.
Executive Director, Wholesale Banking of FBNQuest, Afolabi Olorode, stated: ‘We are proud of our achievements in the debt capital market. We were able to leverage our deep market knowledge and distribution networks to deliver value for our clients and help them navigate the business environment.
“We also helped our clients take advantage of the lower interest rates offered by commercial paper and bond instruments. We remain committed to supporting the growth and development of our clients and the Nigerian economy at large.”
