Author: merchant-bank
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Funke Feyisitan-Ladimeji appointed Executive Director, Coronation Merchant Bank
Lagos, Nigeria – November 23, 2020. The Board of Directors of Nigeria’s leading financial institution; Coronation Merchant Bank Limited has announced the appointment of Funke Feyisitan Ladimeji as an Executive Director of the Bank with effect from November 18, 2020, consequent to the approval of the Central Bank of Nigeria. Funke joins the Bank from […]
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CBN likely to leave MPR at 11.50%
The Monetary Policy Council (MPC) of the Central Bank of Nigeria (CBN) meets today and is due to deliver its verdict on its Monetary Policy Rate (MPR) tomorrow. We think that, after its surprising cut from 12.50% to 11.50% in September, it will leave the MPR on hold now. The CBN is happy with low […]
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The second-best equity market in the world
As of Friday, the Nigerian Stock Exchange was the world’s best-performing equity market in local currency terms and its second-best performer in US dollar terms. The market was up 30.53% year-to-date in Naira and up 24.60% in US dollars (translating at the NAFEX rate). Since 6 April it rose by 69.51% in Naira terms. The […]
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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 […]
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Coronation Merchant Bank Limited has been appointed as a Joint Issuing House for the Dual Series Fixed Rate Bond Issuance by Flour Mills Nigeria PLC
Coronation Merchant Bank as a Joint Issuing House is pleased to inform you that the bookbuild for the Flour Mills of Nigeria PLC, up to NGN29.89 billion, 5Years & 7 Years bond tranches has opened on Tuesday, 10 November 2020 and will close on Monday, 23 November 2020. The price guidance range for the Issue […]
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The Biden effect
The electoral victory of Joe Biden as the next President of the United States of America has positive consequences for Nigeria, we believe. He is likely to give Africa a much higher priority than his predecessor, and key staff have African experience. On the other hand, unlike his predecessor, he may be relaxed about low […]
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US dollar Eurobond yields now higher than Naira yields?
The Naira yields of T-bills and Federal Government of Nigeria (FGN) bond are lower than its US dollar Eurobonds. This is highly unusual. See more below. FX Last week, the foreign exchange rate markets closed essentially flat, with the Naira depreciating by 0.05% against the US dollar to N385.95/US$1 in the NAFEX market (also known […]
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Fiscal and monetary response to events
What will be the fiscal and monetary responses to the events of the last week? The monetary authorities are probably relieved that the equity market advanced last week; that there was a rally in the bond market; and that the exchange rate barely moved. There is no evidence that financial markets were alarmed. In most […]
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Winners and losers in Africa
Which countries will be Africa’s winners and losers at the end of the Covid-19-induced recession? We believe it makes sense to a take a two-year view on this question so, when the International Monetary Fund (IMF) revised its GDP forecasts for 2020 and 2021 last week, we took the opportunity to combine them. The results […]
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The return of the equity market
During the two weeks to 9 October, the Nigerian Stock Exchange All-Share Index (NSE-ASI) rose by 7.96%, bringing its year-to-date return to 5.86%. To what can we attribute the popularity of equities during a recession? The answer, we believe, was the cut in the monetary policy rate on 22 September, signalling that we are not […]
