Access Bank has launched $500 million 144A/RegS Senior Unsecured Eurobond, as part of its Global Medium-Term Note Programme.
The launch notification was announced by the Nigerian Exchange Limited (NGX), in a statement signed by the company’s secretary, Sunday Ekwochi.
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, Access Bank stated, 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 bank added that the bond, which will mature on the 21st of September, 2026, was issued with a yield and coupon of 6.125 per cent, with interest payable semi-annually in arrears.
“The coupon of 6.125 per cent is another first in the corporate Eurobond issuance space. Interestingly, the bond is already trading at a premium from issue levels with bids around 5.89 per cent levels whilst offers are around 5.78 per cent as the unmet demand from the auction filtered into the secondary market, Access Bank said.
Access Bank Plc had a few years ago announced the final redemption of its $350 million Eurobond notes due July 25, 2017.
