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HomeBusinessNigeria's Ecobank lists $300 mln 5-year bonds on London Stock Exchange

Nigeria’s Ecobank lists $300 mln 5-year bonds on London Stock Exchange

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Ecobank Nigeria on Thursday listed its $300 million five-year fixed rate senior unsecured on the London Stock Exchange (LSE) at a virtual ceremony.

The bond carries a coupon rate of 7.125 percent, significantly below its Initial Price Thoughts of 7.75 percent.

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.

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The proceeds will provide medium-term funding and help to enhance the capacity of the Bank to support international trade and service across Africa.

Nigeria’s Ecobank, a local unit of Ecobank Transnational Incorporated provides the full suite of banking products, services and solutions through multiple channels to retail, commercial, corporate and public sector customers.

Commenting, Ecobank Managing director, Patrick Akinwuntan 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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