FBNQuest Acts as Lead Issuing House and Book Runner on the Listing of Interswitch NGN 23 Billion Bonds

Lagos – February 6th, 2020 – FBNQuest, the investment banking and asset management subsidiary of FBN Holdings Plc successfully led a consortium of 5 issuing houses on the recent listing of the Interswitch Limited’s bond on the Nigerian Stock Exchange. Interswitch Limited in its bid for expansion has set the ball rolling for Fintechs in Nigeria through the issuance of bonds on the Nigerian Stock Exchange.

FBNQuest Merchant Bank in its role as lead issuing house assisted the client in arranging, structuring and issuing the Series 1 Bond out of the Bond Issuance Programme launched in May 2019.  As Joint Lead Issuing house/book runner, FBNQuest advised on the transaction structure and marketing strategy for the bonds including market timing, investor road show (in Lagos and Abuja) and crafting an appropriate credit story for the client.

The Bonds were successfully distributed to a diversified mix of investors which included Pension Fund Administrators (PFAs), Banks, Asset Managers and Others. The final order book was N51billion out of which a total of N23billion bids were accepted meaning the offer was 222% subscribed. The success of the transaction with an order book of 222% is a testament to the leading role of the company in the technology and payment processing space where they have consistently led innovation and product development. FBNQuest is proud to have led this milestone transaction.

The transaction adds to the organisations impressive portfolio of organisations it has supported, and once again highlights its capabilities in the successful execution of sizeable capital market and commercial debt transactions.

Speaking on the transaction, Patrick Mgbenwelu, Head, Investment Banking, FBNQuest Merchant Bank stated, “We are pleased to have advised Interswitch Limited on the bond listing on the Nigerian Stock Exchange. As a full service investment bank, we advised on the bond issuance, structure, and also leveraged our extensive distribution capability to successfully distribute the transaction”.

He further stated that FBNQuest Securities also played a vital role by acting as the Stockbrokers to the listing of the first bond issue by a Fintech to be listed on the Nigerian Stock Exchange.

Interswitch Limited is a leading technology-driven company with a focus on the digitalization of payments in Nigeria and other African countries.  The listing ceremony took place on Friday, January 31, 2020.

As a leading investment banking institution, FBNQuest has advised on the issuance of several other commercial papers for organisations such as Mixta Real Estate plc, Dangote Cement Plc, Nigerian Breweries Plc (NB), Lafarge Africa Plc, Flour Mills of Nigeria Plc (FMN), Wema Bank Plc, and UACN Property Development Company Plc (UPDC) to mention a few.

About FBNQuest Merchant Bank

FBNQuest Merchant Bank Limited is the investment banking and asset management business of FBN Holdings Plc, one of the strongest and most dependable financial groups in Africa. We are innovative and client-focused, with strong industry and execution expertise to serve our diverse client base of high net-worth individuals, institutions, corporations and governments across a wide range of services.

From securing wealth to financing business opportunities, we are constantly searching for what comes next so we can take our clients there first. We are a trusted and inspirational partner founded on innovation, a strong heritage and a pioneering spirit that drives us to help our clients look beyond today, and redefine tomorrow.

We provide services in Corporate Banking, Investment Banking, Wealth Management, Institutional Sales and Fixed Income, Currencies & Treasury to support the diverse financial needs of our clients.

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