FMDQ OTC Records N93.894tr Transactions In Nine Months

FMDQ OTC Plc, which runs the platform for the secondary trading of fixed income securities and currency has continued to attract high patronage recording N93.894 trillion worth of transactions from January to September 2015.

The FMDQ OTC Market Turnover Report shows the turnover on all products traded on the FMDQ secondary market – Foreign Exchange (FX), Treasury Bills (T.Bills), Money Market (Repurchase Agreements (Repos)/Buy-Backs and Unsecured Placements/Takings) and Bonds (Federal Government of Nigeria (FGN) Bonds, Eurobonds & Other Bonds (Agency, Sub-national, Corporate & Supranational)). FX and Money Market Derivatives are embedded in the FX and Unsecured products categories respectively.

The transactions showed 14.08 per cent growth over the N82.301 trillion recorded as the end of August 2015.  The performance also indicates a 34.04 per cent improvement in the month of July compared to the N10.9 trillion monthly average recorded in the first three months of the year.

According to data obtained by Daily Independent, the Treasury Bills at N31.739 trillion took over from repurchase agreements/buy-back securities which led last month.

Repurchase agreements/buy-back securities occupied the second position with N21.354 trillion, up from N12.857 trillion recorded in August.  Foreign exchange (FX) recorded a turnover of N19.835 trillion, showing an increase from N17.825 trillion posted in the previous month.

Unsecured placements accounted for N9.212 trillion, up from N4.675 trillion.  FX derivatives recorded N5.539 trillion from N5.06 trillion. FGN bonds traded N6.062 trillion compared with N5.307 trillion as at end of August. Money market derivatives recorded N49.485 billion,, just as Eurobonds accounted for N30.13 billion. Other bonds accounted for N8.257 billion.

Under the period under review Wema Bank and Nigeria Mortgage Refinance Company listed on the platform.

Having successfully met the quotation requirements as contained in the FMDQ Commercial Paper (CP) Quotation Rules, the FMDQ Board Listings and Quotations Committee granted its approval for the quotation of the Wema Bank PLC N8,154,803,000.00 Series 1 Commercial Paper (CP) Notes under a N20,000,000,000.00 Commercial Paper Issuance Programme (the Wema Bank CP) on FMDQ. Consequently, the Wema Bank CP was admitted to the FMDQ Quotations List in September 2015.

The Wema Bank CP is the second CP, following the pioneer quotation of the Stanbic IBTC Bank PLC CP, to be quoted on FMDQ. To commemorate the quotation of the Wema Bank CP, an FMDQ Quotation Ceremony was held, with the issuer, Wema Bank PLC, being the guest of honour. FMDQ played host to the issuer, represented by the MD/CEO Wema Bank PLC, Mr. Segun Oloketuyi and other key representatives of the bank, and the arranger/Registration Member (Quotations) of FMDQ, represented by the MD/CEO, FBN Capital Ltd., Mr. Kayode Akinkugbe along with other key representatives of the institution.

Just yesterday FMDQ recorded yet another milestone achievement in the development of the Nigerian debt capital market as it listed the Nigeria Mortgage Refinance Company PLC (NMRC) ₦8,000,000,000 Series 1, 15-Year 14.9 per cent Fixed Rate Bond under a ₦140,000,000,000.00 Medium-Term Note Programme (the NMRC Bond) on its platform. To which end, FMDQ played host to the issuer, represented by the MD/CEO NMRC, Prof. Charles Inyangete and the Registration Member (Listings)/sponsor of the bond on FMDQ, represented by the MD, Dunn Loren Merrifield Advisory Partners Ltd., Mr. Chinua Azubike, to a prestigious Listing Ceremony in commemoration of this landmark event.

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