WED 15 SEPT, 2021-theGBJournal- Access Bank Plc Tuesday announced the successful pricing of a US$500 million 144/RegS Senior Unsecured Eurobond.
According to the Bank, the offering achieved the lowest (outstanding) Nigerian bank Eurobond coupon, supported by an over 3x oversubscribed orderbook of over US$1.6 billion, which represents the largest orderbook ever for a Nigerian bank Eurobond transaction.
‘’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 US$500 million Senior Unsecured Eurobond is yet another stride towards the realisation of that vision and underscores our investors confidence in the Access Banks story,’’ says Dr Herrbert Wigwe, Group Managing Director on the success of the Eurobond.
He said the Bank is ‘’pleased with the diversity of the order book and the success of this issuance further strengthens our resolve to deliver on our strategic objectives,’’
The Senior Eurobond is a 5-year unsecured note (144/RegS) under the Bank’s US$1.5 billion Global Medium-Term Note Programme and it is listed on the main market of the London Stock Exchange (LSE). The bond matures in September 2026 and was issued with a yield and coupon of 6.125% with interest payable semi-annually in arrears.
The Bank said the net proceeds of the Eurobond will provide medium term funding and help to enhance the capacity of the Bank to support its general banking purposes.
‘’The transaction saw a significant demand from top quality investors globally including United States, Europe, including the UK, Middle East, Asia and Africa, anchored by a number of large tickets,’’ the Bank said in the notification of the launch to the NGX Exchange Limited.
Access Bank Plc is rated ‘B’ stable outlook by Fitch Ratings and ‘B2’ negative outlook by Moody’s. The leading full service Nigerian commercial Bank has presence in 11 African countries.
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