ACCESS BANK SUCCESSFULLY LAUNCHES $500 MILLION SENIOR UNSECURED EUROBOND - Infopalavanews

Breaking

Home Top Ad

Friday, 17 September 2021

ACCESS BANK SUCCESSFULLY LAUNCHES $500 MILLION SENIOR UNSECURED EUROBOND



Access Bank Plc has announced the successful launching of a $500 million 144A/RegS Senior Unsecured Eurobond, as part of its Global Medium-Term Note Programme.


According to a notice signed by the company’s secretary, Sunday Ekwochi, and made available on the website of the Nigerian Exchange Limited (NGX), the transaction recorded a massive interest from top quality investors globally, including the United States, Europe, Middle East, Asia and Africa, anchored by a number of large tickets.


The offering achieved the lowest (outstanding) Nigerian bank Eurobond coupon, supported by an over 3x oversubscribed orderbook of over $1.6 billion, which represents the largest orderbook ever for a Nigerian bank Eurobond transaction.


The bond which will mature on the 21st of September, 2026, was issued with a yield and coupon of 6.125%, with interest payable semi-annually in arrears. The coupon of 6.125% is another first in the corporate Eurobond issuance space.


Interestingly, the bond is already trading at a premium from issue levels with bids around 5.89% levels whilst offers are around 5.78% as the unmet demand from the auction filtered into the secondary market. (101/101.50 indicative price).


No comments:

Post a Comment