As Joint Lead Issuing house/book runner, FBNQuest advised on the transaction structure and marketing strategy for the bonds including market timing, investor road show (in Lagos and Abuja) and crafting an appropriate credit story for the client.
The bonds were successfully distributed to a diversified mix of investors which included Pension Fund Administrators (PFAs), Banks, Asset Managers and Others.
The final order book was N51billion out of which a total of N23 billion bids were accepted meaning the offer was 222 per cent subscribed.
The success of the transaction with an order book of 222 per cent is a testament to the leading role of the company in the technology and payment processing space where they have consistently led innovation and product development. FBNQuest is proud to have led this milestone transaction.
The transaction adds to the organisations impressive portfolio of organisations it has supported, and once again highlights its capabilities in the successful execution of sizeable capital market and commercial debt transactions.
Head, Investment Banking, FBNQuest Merchant Bank, Patrick Mgbenwelu, stated: “We are pleased to have advised Interswitch Limited on the bond listing on the Nigerian Stock Exchange.
As a full service investment bank, we advised on the bond issuance, structure, and also leveraged our extensive distribution capability to successfully distribute the transaction”.
He further stated that FBNQuest Securities also played a vital role by acting as the Stockbrokers to the listing of the first bond issue by a Fintech to be listed on the Nigerian Stock Exchange.
Interswitch Limited is a leading technology-driven company with a focus on the digitalization of payments in Nigeria and other African countries. The listing ceremony took place on Friday, January 31, 2020.