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Home Industries Financial Services

Access Bank successfully launches $500 million Senior Unsecured Eurobond

Chidi Emenike by Chidi Emenike
September 15, 2021
in Financial Services, Securities
Access Bank gains N5 billion from digital lending in the first six months of 2021
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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.

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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).

To read further, click here

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