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NMRC lists N11b bond on Nigerian Stock Exchange

The Nigeria Mortgage Refinance Company (NMRC) has listed its N11 billion 13.80 per cent Series 2 Fixed Rate Bonds on the Nigerian Stock Exchange (NSE), paving the way for bondholders to trade on their investments.

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The N11 billion bond was part of NMRC’s N440 billion Medium Term Note Programme. NMRC had launched a high-stake capital raising plan to support its mandate.

The NMRC is a private sector-driven mortgage refinancing company with the purpose of promoting home ownership for Nigerians while deepening the primary and secondary mortgage markets. Most of its shareholders are corporate institutions.

NMRC was incorporated on June 24, 2013 and obtained its final operating license from the Central Bank of Nigeria on February 18, 2015. In July 2015, NMRC successfully issued a 15-year N8 billion Series 1 Bond under its then N140 billion medium term note programme, backed by an unconditional Federal Government of Nigeria guarantee.

NMRC is listed on the NASD OTC Securities Exchange, the over-the-counter platform for trading in shares that are not listed on the Nigerian Stock Exchange (NSE).

Head, Shared Services Division, Nigerian Stock Exchange (NSE), Mr. Bola Adeeko commended the NMRC for listing the bond on the NSE, assuring that the Exchange would support the company in the realisation of its mandate.

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