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) | ||
