FMDQ Securities Exchange Limited approved the listing of the Nigerian Mortgage Refinance Company PLC (NMRC), Series 3 N10billion fixed-rate bond under its N440 billion bond issuance programme on its platform.

The Managing Director of NMRC, Kehinde Ogundimu, said: “The proceeds of the issue would be used to refinance existing and conforming mortgage loans. The issuance also demonstrates NMRC’s commitment to the provision of affordable liquidity to the mortgage market by attracting long-term funding into the housing finance industry from the capital markets.”

Ogundimu said the prevailing interest rate regime would reduce the rate at which the primary mortgage institutions on-lend to their customers, and in the long-term substantially drive reduction in mortgage interest rates as well as translate to cost cutting in housing construction finance going forward.