Access Bank Plc issued a statement yesterday announcing the successful issuance of an additional US$500 million tier-1 Eurobond. This is coming on the heels of an earlier issuance of US$500 million Eurobond, which closed last week.
The commercial lender is currently operational in 11 countries within Africa, as well as Europe, Middle East and Asia. The firm announced its new capital acquisition in a publication signed by its company secretary Sunday Ekwochi.
The lender also explained in the document that the offering reached a pricing of 9.125% yield and coupon. It was over subscribed by two times its order book which peaked at over US$1 billion.
Based on information availed by the bank, the additional tier 1 Eurobond which was issued under its medium-term note programme was a, “Basel III compliant perpetual non-call 5.25-year subordinated Note to be listed on the London Stock Exchange.”
“The Eurobond may be called anytime from October 7, 2026, subject to conditions including the Central Bank of Nigeria’s approval,” it added
Speaking on the transaction, the Group Managing Director of the Access Bank, Dr. Herbert Wigwe stated: “At Access Bank, we remain fully committed to the execution of our vision to become the ‘World’s Most Respected African Bank.”
The MD expressed his confidence in the banks most recent feat, which he believes will boost its tier 1 and total capital ratios ahead of Basel III implementation in Nigeria.
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