• The Issuer is FCMB Financing SPV Plc, a special purpose entity incorporated in August 2014 for the purpose of issuing bonds to the public, exclusively to cater for the funding needs of the Sponsor.
The Sponsor is FCMB, a mid-sized commercial bank in Nigeria, incorporated in 1983, and commenced banking operations the following year.
The Bank’s shares were originally listed on the NSE in 2004, but FCMB delisted from the local bourse in 2013, following the adoption of a holding company structure by FCMB Group Plc (“the Group”), with FCMB becoming a wholly owned subsidiary of the Group.
The Group is currently listed on the NSE.
On October 10th 2015, FCMB returned to the local debt markets with a senior bond raising NGN23.2 billion.
The Series 2 Bonds were issued under FCMB Financing SPV Plc’s NGN100 billion Debt Issuance Program (“DIP”).
The current issue (Series 2 Bonds) was initially aimed at raising an aggregate sum of up to NGN30 billion.
The transaction followed successful investor forum held in Federal Palace Hotel, Lagos on the 31st of July 2015.
The book build period opened on 10th October 2015 and closed on 23rd October 2015.
Indicative pricing was 14.25% - 15.00%. The order book grew rapidly allowing final pricing to be set at a yield of 15.00%
UCML’s Role and Key Achievements
The offering landmarked the second FCMB local bond following the inaugural NGN26 billion 7-year issue concluded in November 2014.
UCML acted as Joint Bookrunner/Placement Agents on the transaction.
Accordingly, UCML’s sales team collected very strong feedback during meetings with investors – institutional and retail.
UCML ultimately delivered NGN2.2 billion of the firm bids for the transaction which represents 9.5% of the amount offered.