CMB appointed as a Lead Issuing House for the 10 Year Fixed Rate Bond Issuance by FBNQ

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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%.

TermsDetail
IssuerFBNQ MB SPV PLC
SponsorFBNQuest Merchant Bank Limited
Issuing HousesCoronation Merchant Bank Limited, FBNQuest Merchant Bank Limited, UCML Capital Limited
Programme SizeNGN 50,000,000,000
Issue SizeNGN 10,000,000,000
DescriptionSeries 2 Fixed Rate Subordinated Unsecured Bonds
Sponsor RatingA’ by Agusto  
Issue Rating‘A-’ by Agusto ‘A’ by DataPro
Tenor10 years
Par ValueIssue PriceN1,000 per unit100% of Par Value
Issue DateMaturity date[●] 2020[●] 2030
Offer OpensOffer ClosesThursday, 12 November 2020Friday, 20 November 2020
Settlement Date[Monday, 30 November 2020]
Day Count FractionActual / Actual
RankingDirect, unsecured and subordinated obligations of the Issuer
Offer ModeOffer for Subscription via Book Build
Coupon BasisFixed Rate
Units of SaleMinimum of ₦10,000,000 (i.e. 10,000 units @ ₦1,000/unit) and multiples of ₦1,000,000 thereafter
Principal Redemption BasisBullet payment at maturity or on call, at par
Call Date[●] 2025 (After 5years and 1 day)
ListingThe Nigerian Stock Exchange and/or FMDQ Securities Exchange
Use of ProceedsPurchase 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)
 

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