CMB appointed as a Lead Issuing House for the 10 Year Fixed Rate Bond Issuance by FBNQ
Coronation Merchant Bank as the Lead Issuing House is pleased to inform you that the bookbuild for the FBNQuest MB Funding SPV PLC Series II up to ₦10 billion, a 10-year bond has opened on Thursday, 12 November 2020 and will close on Friday, 20 November 2020.
Price guidance range for the 10-year bond is 5.00%-6.00%.
| Terms | Detail | ||
| Issuer | FBNQ MB SPV PLC | ||
| Sponsor | FBNQuest Merchant Bank Limited | ||
| Issuing Houses | Coronation Merchant Bank Limited, FBNQuest Merchant Bank Limited, UCML Capital Limited | ||
| Programme Size | NGN 50,000,000,000 | ||
| Issue Size | NGN 10,000,000,000 | ||
| Description | Series 2 Fixed Rate Subordinated Unsecured Bonds | ||
| Sponsor Rating | ‘A’ by Agusto | ||
| Issue Rating | ‘A-’ by Agusto ‘A’ by DataPro | ||
| Tenor | 10 years | ||
| Par Value | Issue Price | N1,000 per unit | 100% of Par Value |
| Issue Date | Maturity date | [●] 2020 | [●] 2030 |
| Offer Opens | Offer Closes | Thursday, 12 November 2020 | Friday, 20 November 2020 |
| Settlement Date | [Monday, 30 November 2020] | ||
| Day Count Fraction | Actual / Actual | ||
| Ranking | Direct, unsecured and subordinated obligations of the Issuer | ||
| Offer Mode | Offer for Subscription via Book Build | ||
| Coupon Basis | Fixed Rate | ||
| Units of Sale | Minimum of ₦10,000,000 (i.e. 10,000 units @ ₦1,000/unit) and multiples of ₦1,000,000 thereafter | ||
| Principal Redemption Basis | Bullet payment at maturity or on call, at par | ||
| Call Date | [●] 2025 (After 5years and 1 day) | ||
| Listing | The Nigerian Stock Exchange and/or FMDQ Securities Exchange | ||
| Use of Proceeds | Purchase of 10 year Subordinated Unsecured Notes issued by FBNQuest Merchant Bank Limited (The Notes will have the same tenor and call Option as the Bond) | ||