Company Overview

  • • 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.

     

    Execution Background

  • 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.

    View Transaction Terms
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