FRI 12 NOV, 2021-theGBJournal- On 10 November 2021, Renaissance Capital, a leading emerging and frontier markets investment bank, successfully completed the placement of a $300mn senior unsecured Eurobond offering for United Bank for Africa (UBA). The Eurobond issue was placed at par priced at a yield of 6.750%, the tight end of initial price thoughts.
The offering was announced on 8 November and was followed by two days of investor meetings. The placement attracted strong global interest with the orderbook oversubscribed by 1.7x with demand from investors based in the UK, Europe, Asia, the Middle East, the US and across Africa. The placement’s success, within a volatile market environment, highlights investor confidence in UBA’s pan-African strategy and its solid credit story.
Samuel Sule, Acting CEO in Nigeria, Renaissance Capital, said: “The Nigerian banking sector stands out as one of the most well-capitalised in Sub-Saharan Africa and continues to enjoy strong investor appetite. The UBA Eurobond offering was marked by robust demand from real money investors that tend to buy and hold. We are convinced that this new funding will spur UBA’s growth story and further strengthen its market leadership.”
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