Access Bank reported the complete pricing of a United States $500m senior unsecured Eurobond to provide medium-term funding and help enhance its capacity to support its general banking activities.
In a statement released to the Nigerian Exchange Limited and the investing public, the bank said the five-year unsecured note (144A/RegS) was oversubscribed by more than three times at $1.6bn on its order book.
The senior Eurobond is listed on the London Stock Exchange, matures in September 2026 and was issued with a yield and coupon of 6.125 per cent with interest payable semi-annually in arrears.
Access bank stated that the transaction saw demand from investors from the United States, Europe and the United Kingdom, Middle East, Asia and Africa. Absa, Barclays Bank, JP Morgan and Standard Chartered acted as joint book runners on the transaction. Chapel Hill Denham and Rand Merchant Bank acted as financial advisors and joint book runners.”