Nairametrics. Barely a few weeks after Zenith issued a statement concerning issuing a Eurobond, UBA has followed suit. Here is the summary of the notice:

  • The bank intends to launch medium term notes with a maximum size of $500 million.
  • The notes will be listed on the Irish Stock Exchange.
  • The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have given ‘no objection’ approval to the offer.
  • The bank intends to issue the notes directly, but has provisions for a Special Purpose Vehicle (SPV) depending on market conditions.
  • The bank intends to utilize the proceeds of the offer for general banking purposes.
  • The bank will pay the interest rate from its foreign reserves, but will obtain CBN proposal if it does not have sufficient foreign reserves to meet principal and interest payments on the notes.

Here is a copy of the notice.
UBA is one of the five tier one banks in the country. First quarter results for the period ended March 2017, saw an increase in gross earnings from N73 billion in 2016 to N101 billion in 2017. Profit before tax increased from N18 billion in 2016 to N25 billion in 2017. Year to date, UBA shares have risen 60.44%, out-performing the NSE all share index.

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