A mid-level financial institution, FCMB Plc, is planning to sell bonds worth N30 billion to investors, the company has disclosed.
In a regulatory notice on Tuesday, the organisation stated that it commenced the book build of the Series I paper on January 24, 2023.
The lender is selling the notes under its N300 billion debt issuance programme registered by the Securities and Exchange Commission (SEC).
In the disclosure filed to the Nigerian Exchange (NGX) Limited, FCMB said the debt instrument is an Additional Tier 1 (AT1) bond.
“FCMB Group Plc has completed the registration of its N300 billion debt issuance programme with the Securities and Exchange Commission and received the commission’s approval to launch the Series I up to N30 billion Perpetual Fixed Rate Resettable NC5.25 Additional Tier 1 Bond, thereunder.
“The issuance represents the first non-sharia local currency AT1 instrument to be issued in Nigeria and has received CBN’s no-objection.
“FCMB Group will commence the book build in respect of the Series I Bond on January 24, 2023,” the statement signed by the company secretary, Ms Funmi Adedibu, stated.