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London Stock Exchange welcomes Ecobank Nigeria celebrating its bond issuance

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Ecobank
Ecobank

Ecobank Nigeria has today opened the market at London Stock Exchange via a virtual ceremony to mark the listing of its five-year fixed rate senior unsecured US$300 million bonds.

Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated, the parent company of the Ecobank Group, provides the full suite of banking products, services and solutions through multiple channels to retail, commercial, corporate and public sector customers.

The bond carries a coupon rate of 7.125%, significantly below its Initial Price Thoughts of 7.75%. The successful launch was three times oversubscribed and is the lowest coupon/yield by a Nigerian financial institution for a benchmark bond transaction since 2013. It has an Issuer Rating of B- from Fitch Rating Agency and S & P. Citi, Mashreq, Renaissance Capital and Standard Chartered Bank acted as Joint Lead Managers and Bookrunners.

Also read: Ecobank is the ‘Go to’ Bank for Regional Trade in Africa — Akinwuntan

The proceeds will provide medium-term funding and help to enhance the capacity of the Bank to support international trade and service across Africa.

Patrick Akinwuntan, Managing Director, Ecobank Nigeria said: “The strong demand for our bond shows the international appetite for the Ecobank franchise in Nigeria, its unique positioning for facilitating pan-Africa trade and the attractive opportunity for the many investors seeking to back world-class Nigerian corporates.”

Vanguard News Nigeria

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