First City Monument Bank Limited (FCMB) has launched a ₦70 billion Commercial Paper (CP) issuance under its ₦100 billion Multi-Currency CP Issuance Programme. The offer, comprising Series 1 and 2 tranches, is scheduled to close on Tuesday, June 3, 2025, and is aimed at meeting the bank’s short-term working capital needs.
The tenors are 180 days for Series 1 and 268 days for Series 2, with discount rates of 20.6570% and 20.9440% per annum, respectively. Investors stand to earn implied yields of 23.00% and 24.75%, depending on the tranche subscribed. The investment is structured as a discount instrument, meaning subscribers pay less upfront and receive the full face value upon maturity, minus 10% withholding tax on interest earned.
FCMB, a key subsidiary of FCMB Group Plc, has received investment-grade ratings of A- from Agusto & Co. and A2 from GCR, reflecting robust financial stability. The minimum subscription amount is ₦5 million, with subsequent investments in multiples of ₦1,000.
The bank has outlined two participation routes: a traditional commitment form route with step-by-step funding and confirmation, and a digital onboarding option via the Afrinvestor app. Maturity proceeds (face value net of tax) will be paid directly to investors at the end of each tenor.
- Key Dates:
- Offer Opens: Tuesday, 27 May 2025
- Offer Closes: Tuesday, 3 June 2025
- Funding Date: Wednesday, 4 June 2025
Investors interested in participating or seeking assistance may contact Afrinvest via the provided emails or phone numbers listed in the full offer FAQ.
Meta Description:
FCMB has launched a ₦70 billion Commercial Paper offer under its ₦100 billion programme, with Series 1 and 2 offering yields up to 24.75%. The offer closes on June 3, 2025.
