Lagos, Nigeria, January, 2024 – FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc., has announced that it was appointed on commercial paper issuances and bond issuance transactions that raised over N677 billion in 2023.
Commercial Papers (CP) 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 corporates access the Capital Markets to meet their funding goals. The organization has received numerous awards for its exceptional contributions to the industry, innovative solutions, and commitment to excellence. These awards include the 2023 FMDQ Gold Awards for the highest value of CP and the AIHN award for Best Commercial Paper House.
The Bank acted as an Arranger for Commercial Paper issuances for some of the most notable Issuers in the market, including MTN Nigeria Communications PLC, Nigerian Breweries, 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, and client loyalty, as well as its ability to provide innovative and tailored solutions to meet the diverse financing needs of its clients.
Bonds are long term debt instruments issued by corporates and Governments to raise funds for various purposes. In 2023, FBNQuest Merchant Bank 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 5 bond issuers for 2023.
Mr. Afolabi Olorode, Executive Director, Wholesale Banking of FBNQuest Merchant Bank, 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’.
About FBNQuest Merchant Bank
FBNQuest Merchant Bank Limited licensed by the Central Bank of Nigeria is a leading corporate and investment banking house, delivering high-end financial products and services to clients in targeted sectors of the economy. Our world-class team, significant financial capacity and rich heritage as part of the FBNHoldings Group put us in a unique leadership position within the Merchant Banking space.
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, Fixed Income, Currencies & Treasury, and Agency Services to support the diverse financial needs of our clients.
