Access Bank Plc, a Nigerian lender with operations in 11 African countries, has successfully issued a $500m senior unsecured Eurobond, recording oversubscription three times over, the bank has said.
The five-year Senior Eurobond matures in September 2026 and was issued with a yield and coupon of 6.125 per cent, the lowest (outstanding) Nigerian bank Eurobond coupon.
This was supported by an oversubscribed order book of over $1.6 billion “which represents the largest order book ever for a Nigerian bank Eurobond transaction,” Access said in a statement.
The unsecured note was issued under Access Bank’s $1.5 billion Global Medium-Term Programme and is listed on the main market of the London Stock Exchange.
The net proceeds from the bond will provide medium-term funding and help to enhance the bank’s capacity to support its general banking purpose, Access explained.
Significant demand for the bond came from the United States, Europe (including the UK), Middle East, Asia and Africa, according to the statement.
Commenting on the transaction, Access Bank’s Group Managing Director, Dr. Herbert Wigwe, said “At Access Bank, we remain committed to our vision to become the world’s most respected African bank and Africa’s gateway to the World.
“The success of our $500 million Senior Unsecured Eurobond is yet another stride towards the realisation of that vision and underscores our investors’ confidence in the Access Bank story.
“We are satisfied with the diversity of the order book and the success of this issuance further strengthens our resolve to deliver on our strategic objectives”.
