CardinalStone lists N5b bond on FMDQ

CardinalStone lists N5b bond on FMDQ

CardinalStone lists N5b bond on FMDQ     CardinalStone Partners Limited has announced the listing of the CardinalStone Financing SPV Plc5 N5 billion Series I Bond on FMDQ Securities Exchange Limited. The company successfully closed its Series 1 Bond, which is the lowest priced bond by any non-bank financial institution in Nigeria for a similar tenor in the last ten years. The Bond, which is the first tranche of the Company’s N10 billion Bond Issuance programme, is a 5-Year seven per cent Fixed Rate Senior Unsecured Bond due 2025. By…

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CardinalStone Asset Management launches its premier mutual fund

CardinalStone Asset Management

CardinalStone Asset Management launches its premier mutual fund   CardinalStone Asset Management Limited launches its first-ever Mutual Fund, the “CardinalStone Fixed Income Alpha Fund”, following approval by the Securities & Exchange Commission (SEC). The Offer opens today, Monday, February 1, 2021. The Portfolio Manager, Ida Dublin-Green, is quoted as saying that the Fund will allow investors to have a diversified portfolio of quality assets that are managed by a team of experienced professionals. The Fund’s objective is to provide investors with steady return on capital, liquidity, and capital preservation. The…

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Flour Mills of Nigeria Plc – On Course for a Solid Year?

By CardinalStone Research Analysts ________________________________ While a few others are reeling… In our view, Flour Mills of Nigeria Plc (FMN) looks set to record strong traction in operating performance in the current financial year. The company has already surprised market watchers with a 4.3ppts YoY increase in gross margin to 16.5%1 and a c.3.0x surge in operating cash flow to N16.7 billion in the peak of COVID-19 restrictions (April to June or Q1’20/21). While panic buying/stockpiling (one-off support for top-line growth in Q1’20/21, by our assessment) has stopped, lingering border…

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