First City Monument Bank (FCMB) Limited, a member of the FCMB Group Plc, has concluded arrangements to launch its maiden issuance under its N100 billion commercial paper (CP) issuance programme.
In a regulatory filing yesterday, the bank stated that it would be raising N20 billion in the first tranche of the N100 billion CP programme. The net proceeds of the 269-day instrument will be used to support the bank’s short-term funding needs.
According to the bank, the CP will serve as additional funding sources for its operations.
Many companies have increasingly turned to CP to raise short-term debt capital as the primary equities market struggles with investors’ apathy.