FSDH Funding SPV lists N12bn bonds on FMDQ Exchange

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FSDH Funding SPV Lists N12bn Bonds on FMDQ ExchangeTHISDAYLIVEFMDQ Securities Exchange Limited has announced the approval of the listing of the FSDH Funding SPV Plc N7.05bn Tranche A and N4.95bn Tranche B Series 1 Fixed Rate Bonds under its N30bn Debt Issuance Programme on its platform.

FSDH Funding SPV is a special purpose vehicle set up to raise capital from the Nigerian debt capital market for FSDH Merchant Bank Limited, according to a statement on Tuesday.

Speaking on the successful issuance of the bonds, the Director, FSDH Funding SPV, Mr Adekunle Awojobi, said, “We are pleased about the successful N12bn capital-raise under the FSDH Funding SPV PLC’s N30bn Debt Issuance Programme.

“The bond issue is the first series under the programme and comprises of two tranches of subordinated and senior bond notes, each with a five-year tenure. The listing of the bonds on FMDQ’s platform will help provide visibility and enhance the liquidity of the bonds.”

Awojobi said the net proceeds of the bond issue would be used to fund the growth of risk assets of FSDH Merchant Bank Limited.

“A portion of the bond issuance will serve the dual purpose of shoring up the Bank’s Tier 2 capital, in line with its Internal Capital Adequacy Assessment Process,” he added.

He commended Union Capital Markets Limited for facilitating the listing of the bonds on FMDQ Exchange and the issuing houses, Stanbic IBTC Capital Limited, FSDH Capital Limited, Rand Merchant Bank Nigeria Limited, and United Capital PLC for their support in ensuring the successful capital raise.

The Director, Union Capital Markets Limited, the sponsor of the bond on the Exchange Mr Egie Akpata, said, “We are delighted at the successful listing of the N12bn FSDH Funding SPV Plc Series 1 bonds on FMDQ Exchange.

“The listing of the bonds on the Exchange allows for liquidity and trading of the bonds which is positive for the investors. We are glad that Union Capital Markets Limited was instrumental in the successful listing of the bonds on FMDQ Exchange and thank the board and management of FSDH Merchant Bank Limited for the opportunity to work with them.”

FMDQ Exchange said it would continue to work collaboratively with market stakeholders to align the nation’s debt capital markets to international standards and would take commendable steps to ensure that growth and development opportunities abound for the markets under its purview.

Flutter shares fell by 595p to 12,760p at the end of trading.

Just Eat Takeaway was the FTSE 100’s biggest faller after rival Delivery Hero announced plans to re-enter the German market.

Takeaway bought Delivery Hero’s German arm in 2018 before merging with Just Eat, but the move to now compete in the country spooked traders and sent shares down 567p to 6,247p.


Flutter’s listing plans face delay as US boss quits

Flutter Entertainment said the boss of its United States FanDuel operation had resigned and that his departure would affect the timing of a potential listing for the business in the US.

The FTSE 100 gambling group said Matt King had agreed to stay on while it looked for a replacement. He is leaving after four years in which FanDuel became the US market leader for online sports betting and gaming, Flutter said.

Flutter said King’s departure would affect the timing of a potential listing for FanDuel and that it would keep the option under review.

King’s departure is a blow to Flutter and the company did not say what his plans were, according to ShareCast.

The owner of Paddy Power and Betfair said in March it was considering listing a stake in FanDuel in the US, which is increasingly opening up to sports betting. Flutter owns 95 per cent of FanDuel after investing in the business in 2018 and increasing its stake in December.

Rupert Murdoch’s Fox Sports owns 2.5 per cent and is in a legal dispute with Flutter over Fox’s option to buy a bigger stake.

Flutter’s Chief Executive, Peter Jackson, said, “I would like to take this opportunity to thank Matt for his considerable contribution in helping to make FanDuel the US market leader it is today.

“While we will be sorry to see him leave, he leaves the business in great shape. We are starting the process of looking for a new CEO for FanDuel and we remain focused on maintaining our leadership position in the US market.”

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