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%.

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.”

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