FCMB Group Plc has successfully completed the issuance of a N20,686,000,000 Perpetual 16% Fixed Rate Resettable NC5.25 Additional Tier I Capital Subordinated Bonds under its N300,000,000,000 Debt Issuance Programme.
The book build commenced on January 24, 2023, and closed on February 3, 2023. The offer was well received by the market with active participation from a diverse range of high-value investors, including Corporates, other Financial Institutions, Trustees and high net-worth individuals. The AT1 instrument was issued at a clearing coupon rate of 16.0% per annum.
The net proceeds from the Series I Bond will be invested in the Group’s Banking Subsidiary – First City Monument Bank Limited – enhancing the Bank’s Tier 1 and total capital adequacy ratios and enabling the Group and the Bank to expand its support for the growth and development of the Nigerian economy.