NSE lists N28. 9bn bond amidst economic slowdown

The Nigerian Stock Exchange (NSE) has sustained investment operations in the face of the Coronavirus pandemic by supporting companies to raise capital on the bourse.  Last Thursday, Flour Mills of Nigeria Plc and Primero BRT Securitization SPV Plc listed their bonds on the exchange Flour Mills of Nigeria Plc listed its N12,499,600.000.00 3-Years 10% Series 3 (Tranche A) Fixed Rate Senior Unsecured Bond due 2023; and the N7,500,400,000 5-Year 11.10% Series 3 (Tranche B) Fixed Rate Senior Unsecured Bond due 2025.  Also, Primero BRT listed its N16,500,000,000 Series 1; 17% Fixed Rate Bonds due 2026 under the N100,000,000,000 Medium Term Bond Programme. The Group Managing Director, Flour Mills Nigeria Plc, Mr. Peter Gbededo was excited over the listing of the bond on the NSE. He said, “We are delighted to return to the capital market with such a successful outing, especially with the level of interest shown by investors. The response from the market vindicates our decision to have taken this additional step to diversify our financing options beyond short-term commercial bank debt. “Furthermore, we are excited about the role NSE is playing in deepening secondary market liquidity thus aligning our market with international best practices, and we look forward to enjoying the benefits of these efforts in our short and long-term instruments”, the industrialist added.  Commenting on the investment initiative, the Chief Executive Officer, NSE, Mr. Oscar Onyema, congratulated the management of the companies  and all professionals that assisted the successful listing of the bonds on the bourse.to the issue. He said: “As an Exchange, we are committed to ensuring that our operations and trading activities continue seamlessly throughout this period. We have put in place the requisite measures to guarantee that our staff are able to provide requisite support, our stakeholders are able to conduct business digitally, and that all relevant information continues to flow into the market to spur capital market activity during the COVID-19 pandemic.”  
Since the activation of its Business Continuity Plan in response to COVID-19 recently, the Exchange has digitalized its operations with its employees working remotely and Dealing Member firms trading remotely.