London Stock Exchange welcomes Ecobank senior bond issuance

Ecobank Nigeria last Thursday opened market at the London Stock Exchange via a virtual ceremony to mark the listing of its five-year fixed-rate senior unsecured US$300 million bond.
Ecobank Nigeria, a subsidiary  of Ecobank Transnational Incorporated, the parent company of the  Ecobank Group, provides the full suite of banking products, services and solutions through multiple channels to retail, commercial, corporate and public sector customers.
The bond carries a coupon rate of 7.125 per cent, significantly below its Initial Price Thoughts of 7.75 per cent. The successful launch was three times oversubscribed and is the lowest  coupon/yield by a Nigerian financial institution for a benchmark bond transaction since 2013. It has an Issuer Rating of B- from Fitch Rating Agency and S & P. Citi, Mashreq, Renaissance Capital and Standard Chartered Bank acted as Joint Lead Managers and Bookrunners.
The proceeds will  provide medium term funding and help to enhance the bank’s capacity to support international trade and service across Africa.
Patrick Akinwuntan, Managing Director, Ecobank Nigeria said “The strong demand for our bond shows the international appetite for the Ecobank franchise in Nigeria, its unique positioning for facilitating pan-Africa trade and  the attractive opportunity for the many investors seeking to back world-class Nigerian corporates.”