FCMB Redeems N5.1bn Unsecured Bond in Full

Nigeria’s top financial institution FCMB has settled in full more than N5 billion in debt capital raised from the capital market, according to GCR Ratings. The group raised the amount to boost its market position amidst balance sheet growth.

In a statement, the emerging market rating agencies said as a result of this, it has now withdrawn the national scale long-term issue rating of BBB+ (NG) accorded to FCMB Financing special purpose vehicle (SPV) Plc’s Series 3 N5.1 billion Unsecured Subordinated Bond following its full redemption. Naira Steadies as Banks Issue Update on FX Purchase

The rating firm explained that the withdrawal was due to analytical reasons. Accordingly, GCR said it no longer supports the above-mentioned credit rating on the issue. #FCMB Redeems N5.1bn Unsecured Bond in Full