Wema Bank dual lists N6.3bn series 1 bond on NSE, FMDQ

Wema Bank dual lists N6.3bn series 1 bond on NSE, FMDQ

Wema Bank Plc today took a giant step by listing its N6.295 billion bond of Wema Funding SPV Plc on the Nigerian Stock Exchange (NSE) and FMDQ trading platform.

The bank dual listing its series (1) 7-year bond under the N50 billion Wema Funding SPV Plc Debt Issuance Programme.

The bond tenure is 7 years (due 2023) at 18.50 per cent fixed rate.

Commenting on the development, Managing Director /Chief Executive Officer of the bank, Segun Oloketuyi said, “today, Wema Bank completed the final stage of the Bond issuance process-the listing of Wema Bank’s series 1 (N6,295,000,000) 7-year Bond on both the FMDQ and NSE Exchanges. “

He said, the bond is to ensure enough liquidity for the instrument and invariably increase the pool of potential investors.

With regards to the proceeds from the Bond issuance, Oloketuyi said that despite the current economic environment, there are indeed opportunities for growth, with the government, individuals and corporates now focused on the primary and/or value chain industries. As such, the proceeds would be used in growing the Small Medium Enterprise portfolio of the bank’s business.

In his own, Chief Executive Officer, NSE, Mr. Oscar Onyema said, “We are pleased to be listing the Wema Fund SPV PLC bond, a further affirmation of our unique platform to help businesses access capital. Despite the challenging macro environment, this bold step by Wema Bank is indeed commendable as only businesses that continue to execute on their strategy will be at a vantage position to benefit when the economy rebounds”