Breaking News

Ecobank Nigeria lists $300m bond on London Stock Exchange

Kindly Share This Story:

Ecobank Nigeria has listed its $300 senior unsecured bond on the London Stock Exchange (LSE). 

The bank on Thursday opened the market at the LSE via a virtual ceremony to mark the listing of the bond.  

The bank in a statement announcing the development said: “The bond carries a coupon rate of 7.125%, significantly below its Initial Price Thoughts of 7.75%. 

READ ALSOHealth safety: Lagos engages stakeholders on red meat value chain, Wednesday

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.

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

Commenting, 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.”

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.

Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!