FMDQ Depository appointed joint depository to Dangote Cement ¦ 100bn bond



This comes shortly after it’s appointment as a sole depository to the Lagos State Government’s ¦ 100.00 billion bond.

The N100 billion debut bond is Series 1 of the company’s N300 billion Shelf Programme.

The book-building process for the 5-year fixed rate senior unsecured bonds, which commenced on Friday, April 3, 2020, closed on Tuesday April 14, 2020, with the settlement date being Friday, 17 April, 2020

The Securities and Exchange Commission (SEC), had in an unprecedented and forward-thinking market development posture in June 2019, registered FMDQ Depository Limited in the Nigerian capital market after the existence of a sole depository for over 26 years, thereby empowering issuers and investors with freedom of choice, value and enhanced service delivery.

Following its operationalisation in August 2019 and leveraging on active stakeholder engagements across the Nigerian capital market value chain, FMDQ Depository commenced delivering on its operational mandate to implement value-added products and service offerings with FMDQ Group providing efficient listing and trading services through FMDQ Securities Exchange Limited and the much-required risk management, clearing and settlement services through FMDQ.

 

The Exchange said in a statement that the foresight of Lagos State Government in choosing FMDQ Depository for its most recent bond is an indication of the state’s alignment with progressive market development in Nigeria.

“Indeed, Dangote Cement Plc should also be commended as it has made history by giving investors power, for the first time in the Nigerian capital market, to determine which depository to lodge their assets with, thereby validating the SEC’s vision of diversification and healthy competition for the market,” FMDQ said in the statement.


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