FCMB Group Issues N20.68bn Bond

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In accordance with its N300 billion debt issue plan, FCMB Group Plc has announced the issuance of a N20.68 billion permanent 16 percent fixed rate resettable NC5.25 extra tier 1 capital subordinated bond.

The company stated that the N20.68 billion bond was issued at a clearing coupon of 16.0 percent per year in a corporate notification to the Nigerian Exchange Limited that was signed by the Company Secretary, Olufunmilayo Adedibu.

The company claimed that the AT1 issuance was both the group’s first N300 billion fundraising program issuance in the Nigerian capital markets and the first non-Sharia local currency AT1 instrument issued in Nigeria.

According to the release, “The net proceeds from the Series I Bond will be invested in the Group’s banking affiliate, First City Monument Bank Ltd (“the bank”), boosting the bank’s capital base.”


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