Access Bank Plc Successfully Launches $500m Senior Unsecured Eurobond With Record Oversubscription

Proshare

Thursday, September 16, 2021 / 12:55 PM / Release by Access Bank / Header Image Credit: Access Bank


Access Bank Plc (the Bank) (rated 'B' stable outlook by Fitch and 'B2' negative outlook by Moody's)  a leading full service Nigerian commercial bank with presence in 11 African countries, is pleased to announce the successful pricing of a US$500 million 144A/ Reg S Senior Unsecured Eurobond. The offering achieved the lowest (outstanding) Nigerian bank Eurobond coupon, supported by an over 3x oversubscribed orderbook of over US$1.6 billion, which represents the largest orderbook ever for a Nigerian bank Eurobond transaction.


The Senior Eurobond is a 5-year unsecured note (144A/RegS) under the Bank's US$1.5 billion Global Medium-Term Note Programme and is listed on the main market of the London Stock Exchange. The bond matures in September 2026 and was issued with a yield and coupon of 6.125% with interest payable semi-annually in arrears.


The net proceeds of the Eurobond will provide medium term funding and help to enhance the capacity of the Bank to support its general banking purposes.


Proshare Nigeria Pvt. Ltd.


The transaction saw a significant demand from top quality investors globally including United States, Europe (incl. the UK), Middle East, Asia and Africa, anchored by a number of large tickets.


On this Eurobond issuance, Dr. Herbert Wigwe, Group Managing Director, stated:

"At Access Bank we remain committed to our vision to become the World's Most Respected African Bank and Africa's Gateway to the World. The success of our US$500 million Senior Unsecured Eurobond is yet another stride towards the realisation of that vision and underscores our investors confidence in the Access Bank story. We are pleased with the diversity of the order book and the success of this issuance further strengthens our resolve to deliver on our strategic objectives".


Absa, Barclays Bank, JP Morgan and Standard Chartered acted as Joint Bookrunners on the transaction; and Chapel Hill Denham and Rand Merchant Bank acted as Financial Advisors and Joint Bookrunners.


Visit Access Bank Plc IR Page in Proshare MARKETS 

 

Graph - One Year Share Price Movement

Proshare Nigeria Pvt. Ltd.

 

Table:  Q2 2021 Unaudited Results

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


Related News

  1. Moody s Assigns Provisional Ratings to the GMTN Programme of Access Bank Plc...
  2. Access Bank Reports N86.94bn PAT in Q2 2021 Results Proposes 0 30k Interim Divi...
  3. Access Bank Plc Approves Q2 2021 Audited Results and Payment of Interim Dividend
  4. Fitch Revises Outlook on Access Bank to Stable from Negative; Affirms at ''B''
  5. Moody's Announces Completion of a Periodic Review of Ratings of Access Bank Plc
  6. Access Bank Results Review: Stellar Q1 '21 Results Underpinned by Robust Revenue Growth
  7. Grobank Formally Becomes Access Bank South Africa
  8. ACCESS Declares N53bn PAT in Q1 2021 Results,(SP:N7.20k)
  9. ACCESS Announces Strategic Transaction in the Acquisition of African Banking Corporation of Botswana
  10. Access Bank FY2020 Audited Results: Finding Balance; Rising Assets, Sliding Equity Returns
  11. ACCESS Declares N106bn PAT in 2020 Audited Results, Proposes 55K Final Dividend; (SP:N8.00k)

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.
READ MORE:
Related News
SCROLL TO TOP