The Luxembourg Stock Exchange will be the new home of Access Bank’s green bond. The Nigerian lender said it would be listing N15 billion, 15.50% fixed rate, unsecured climate-credential green bond with a five-year maturity on the bourse.
Access Bank disclosed that it had applied for the admission of the N15 billion green bond, but won’t be traded on the Luxembourg Stock Exchange. The bond is the first of its kind to be issued by an African corporate and represents a major milestone in the development of the local green finance market.
The N15 Billion, 5-year Fixed Rate Senior Unsecured Green Bond is certified by the Climate Bond Initiative having met the Global Climate Bonds Standard. It was rated AA– by Agusto & Co, while the underlying framework was verified by PwC (UK).
Access Bank’s Company Secretary, Sunday Ekwochi said, “Access Bank Plc wishes to notify the Nigerian Stock Exchange and the investing public that the bank has applied to the Luxembourg Stock Exchange for the admission of the above-mentioned instrument on the official list of LuxSE. Please note that the Bonds would not be traded on LuxSE.”
Nairametrics had previously reported that Access Bank listed its green bond on the FMDQ OTC Securities Exchange and the Nigerian Stock Exchange (NSE). This followed the formal approval of the bond by the Securities and Exchange Commission.
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Speaking on the first listing last year, the Group Managing Director/CEO of the bank, Herbert Wigwe, said, “At Access Bank, we are a pioneer in both domestic and international capital markets, leading the way with our commitment to sustainable banking.
“We hope that this bond issuance inspires other African companies to support the long-term development of the green finance market whilst simultaneously realizing the growth potential of the fast-developing low carbon economy.”