ACCESS BANK’S $500M EUROBOND OVERSUBSCRIBED BY 200%
One of Africa’s top tier banks, Access Bank Plc, which recently acquired over 78% stake of BancABC Botswana, announced to investors that it successfully priced $500m Eurobond which was over-subscribed by more than 200 per cent on its order book.
This was contained in a statement signed by its Company Secretary, Sunday Ekwochi, which stated that the 144A/Reg S Additional Tier 1 Eurobond was priced at a 9.125 per cent yield with the coupons peaking over $1bn.
The Eurobond which was issued under the bank’s medium-term note programme is a Basel III compliant Perpetual Non-Call 5.25-year subscribed note to be listed on the London Stock Exchange. The Eurobond may be called anytime from October 7, 2026, subject to conditions including the Central Bank of Nigeria’s approval, Access Bank said.
The Group Managing Director, bank, Dr Herbert Wigwe, said that the transaction significantly enhanced Access Bank’s tier 1 and total capital ratios, and provided significant room for growth and execution of its strategic objectives.
“This issuance on the back of our recently concluded $500m senior Eurobond, underscores the formidable confidence of a diversified range of global and local investors in the Access Bank strategy,” he said.
It will be recalled that Access Bank Plc which headquarters is in Lagos, Nigeria had announced on the Nigerian Exchange Limited in September that it had mandated Citi, J.P. Morgan, Renaissance Capital and Mashreq Bank as Joint Bookrunners and Chapel Hill Denham and Coronation Merchant Bank as Financial Advisers and Joint Bookrunners to arrange a global investor call in addition to a series of fixed income investor calls.
About Access Bank
Access Bank Plc is a leading full-service commercial bank operating through a network of more than 600 branches and service outlets, spanning three continents, 12 countries and 36 million customers. The Bank employs 28,000 thousand people in its operations in Nigeria, Sub-Saharan Africa and the United Kingdom, with representative offices in China, Lebanon, India and the UAE.
Listed on the Nigerian Stock Exchange since 1998, Access Bank is a diversified financial institution that combines a strong retail customer franchise and digital platform with deep corporate banking expertise and proven risk management and capital management capabilities. The Bank services its various markets through five business segments: Personal, Business, Operations and IT, Commercial and Corporate & Investment Banking.
The Bank has over 800,000 shareholders, including several Nigerian and International Institutional Investors, and has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years. Following its merger with Diamond Bank in March 2019, Access Bank became one of Africa’s largest retail banks.
As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant, helping customers to access more and achieve their dreams. For further information, please visit https://www.accessbankplc.com/