Chicago, March 21 – FCMB Group plc issued NGN 20.686 billion series 1 16% perpetual bonds, according to a press release.
The initial 16% interest rate resets and the additional tier 1 capital subordinated bonds come with five years of call protection.
The group's AT1 issuance is the first non-sharia local currency AT1 instrument issued in Nigeria and the group's maiden issuance of its NGN 300 billion funding program in the Nigerian capital markets to support its next phase of growth, the press release said.
Bookbuilding took place from Jan. 24 to Feb. 3.
Proceeds will specifically be used to invest in the group’s banking subsidiary, First City Monument Bank Ltd.; enhancing the bank’s tier 1 and total capital adequacy ratios and enabling the group and the bank to expand its supports for the growth and development of the Nigerian economy.
Chapel Hill Denham Advisory Ltd. and FCMB Capital Markets Ltd. acted as the issuing houses to the series I bond.
Based in Lagos, FCMB Group is a financial services holding company.
| Issuer: | FCMB Group plc
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| Amount: | NGN 20.686 billion
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| Issue: | Additional tier 1 capital subordinated bonds
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| Maturity: | Perpetual
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| Coupon: | 16%
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| Call features: | Five years
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| Trade date: | Feb. 3
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