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Home Business News

Access Bank will recall its 2021 bond this year

Onome Ohwovoriole by Onome Ohwovoriole
November 28, 2018
in Business News, Company News
Access Bank and Union Bank, Access Bank, CBN, Creative Industry Financing Initiative, CIFI

Access Bank former logo and outlook before merger with Diamond Bank

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Tier one lender and one of the FUGAZ banks, Access Bank will redeem a $400 million Eurobond, which was due by 2021 this year. Chief Financial Officer (CFO) of the bank, Seyi Kumapayi disclosed this.

In addition, he stated that the bank is considering other funding sources to keep its capital adequacy ratio at 20%, higher than regulatory requirements.

Another FUGAZ member, FBN Holdings in August redeemed a $300 million Eurobond that was due in 2020.

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What does CAR mean? 

Capital Adequacy Ratio (CAR) is basically the proportion of the bank’s tier 1& tier 2 equity (Qualifying capital or Equity) as a proportion of its risk-weighted assets (loans). It is the proportion of bank’s own equity in relation to its risk exposure.

The capital adequacy ratio (CAR) for banks in Nigeria currently stands at 10% and 15% for national/regional banks and banks with an international banking licence, respectively.

Possible reasons behind the move  

Though not stated, a looming devaluation would make bond payments more expensive, as the bank would need. Though, CBN Governor Godwin Emefiele has signalled the apex bank willingness to defend the current exchange rate, dipping crude oil prices has led to pressure on the nation’s foreign reserves. The apex bank could decide to ease the defence after the elections.

Access Bank closed at a year low of N7 in today’s trading session on the NSE, down 1.41%. Results for the nine months ended September 30, 2018 show interest income increased from N245 billion in 2017 to N272 billion in 2018.

Profit before tax dipped from N72.9 billion in 2017 to N70 billion in 2018. Profit after tax however rose from N56.3 billion in 2017 to N62.9 billion in 2018.


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Tags: Access BankEurobond
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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