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Ecobank Nigeria (“ENG” or “the Bank”) (www.Ecobank.com/ng), a wholly owned subsidiary of leading pan-African banking giant, Ecobank Transnational Incorporated (‘ETI’), the parent company of the Ecobank Group, announced that it has successfully priced its USD 300 million bond issuance maturing in February 2026, with settlement of the bond to take place on 16 February 2021. […]
Ecobank Nigeria, a wholly owned subsidiary of Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has successfully priced its $300m bond issuance maturing in February 2026, with settlement of the bond to take place on February 16, 2021.
The fixed-rate, US dollar-denominated bond, with a tenor of five years, carries a coupon rate of 7.125% and will be listed on the London Stock Exchange.
It is accompanied by an Issuer Rating of B- from Fitch Rating Agency and S&P.
The coupon / yield represents the lowest ever coupon / yield achieved by a Nigerian financial institution for a benchmark bond transaction.
At the peak of marketing the transaction, the issue was over three times oversubscribed, with significant interest from international investors.