Access Bank Plc, one of Nigeria’s leading lenders, has announced to investors and the Nigerian Exchange Limited (NGX) that its $500m Eurobond was over-subscribed by more than 200 percent on its order book.
The bank, in a statement signed by its Company Secretary, Sunday Ekwochi, indicated that the 144A/Reg S Additional Tier 1 Eurobond was priced at a 9.125 percent yield with the coupons peaking over $1bn.
The latest issue, which is a Basel-III compliant perpetual bond and the first of its kind for a Nigerian bank, is the second dollar-denominated bond for the bank in less than a month.
Issued under the bank’s medium-term note programme, the bank stated that the latest Eurobond may be called anytime from October 7, 2026, subject to some conditions, including the Central Bank of Nigeria’s (CBN’s) approval.
Commenting on the successful issuance of the Eurobond, the bank’s Group Managing Director, Dr Herbert Wigwe, said that the transaction significantly enhanced the bank’s Tier 1 and total capital ratios as well as creating a significant opportunity for the lender’s sustainable growth and execution of its strategic objectives.
He enthused: “This issuance on the back of our recently concluded $500m senior Eurobond, underscores the formidable confidence of a diversified range of global and local investors in the Access Bank strategy.”
