ETI Opens the Market at the LSE after Successfully Listing its US$350m Sustainability Bond


Wednesday, June 23, 2021 / 03:57 PM /  By Ecobank Group / Header Image Credit: Ecobank Group / LSE

Proshare Nigeria Pvt. Ltd.

This represents the first-ever Tier 2 Sustainability Notes by a financial institution in Sub-Saharan Africa


Ecobank Transnational Incorporated ("ETI"), the Lome based parent company of the Ecobank Group, was hosted today by the London Stock Exchange for a market opening virtual ceremony to celebrate the successful listing of the Tier 2 Sustainability Notes on the London Stock Exchange (LSE) main market. This represents the first ever Tier 2 Sustainability Notes by a financial institution in Sub-Saharan Africa.


This Tier 2 issuance is the first to have a Basel III-compliant 10NC5 structure outside of South Africa in 144A/RegS format and is now listed on the main market of the London Stock Exchange. The bond, which matures in June 2031, has a call option in June 2026 and was issued with a coupon of 8.75% with interest payable semi-annually in arrears.


An equivalent amount of the net proceeds from the notes will be used by ETI to finance or re-finance, new or existing eligible assets as described in ETI's Sustainable Finance Framework, available here on which DNV issued a Second Party Opinion.


Investor interest for this Sophomore Eurobond issue was global, including United Kingdom, United States, Europe, the Middle East, Asia and Africa, achieving a 3.6x oversubscribed orderbook, of over US$1.3 billion at its peak.


Ade Ayeyemi, Group Chief Executive Officer of ETI, stated: "The strong global interest in our issuance reflects investors' confidence in Ecobank's strategy and our commitment to sustainable financing. We thank the LSE for hosting ETI today and look forward to value creation for all our stakeholders".


The Joint Lead Managers & Bookrunners in the transaction were Citi, Mashreq, Renaissance Capital and Standard Chartered Bank.

Proshare Nigeria Pvt. Ltd.

Related News

  1. Standard Chartered Acts as Lead Manager in the ETI US$350m Tier 2 Sustainability Notes
  2. ETI Announces Proposed Launch of $300m Fixed Rate Reset Tier 2 Sustainability Notes
  3. ETI Appoints Tomisin Fashina as Group Executive, Operations and Technology
  4. ETI FY2020 Results: Profit Slump in The Face of Repositioning
  5. ETI Declares N33.7bn PAT in 2020 Audited Results,(SP:N5.10k)
  6. ETI Notifies of Board Meeting Date and Commencement of Closed Period
  7. Ecobank Wins Starsight Renewable Energy Sustainability Award 2020
  8. Ecobank Reiterates Its Commitment As "The Partner Of Choice For Export Trade"
  9. London Stock Exchange Welcomes Ecobank Nigeria's US$300m Senior Bond Issuance
  10. Ecobank Group Signs A Remittance Partnership With Small World Financial Services
  11. S and P Global Assigns Ecobank Nigeria's $300m Senior Unsecured Loan Notes 'B-' Rating
  12. AfCFTA: Ecobank is Well-Positioned to Make Payments Smooth - Ade Ayeyemi

Proshare Nigeria Pvt. Ltd.
Related News