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Ecobank Nigeria lists $300m bond on London Stock Exchange
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Ecobank Nigeria has listed its $300 senior unsecured bond on the London Stock Exchange (LSE).
The bank on Thursday opened the market at the LSE via a virtual ceremony to mark the listing of the bond.
The bank in a statement announcing the development said: “The bond carries a coupon rate of 7.125%, significantly below its Initial Price Thoughts of 7.75%.
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.
Scancom PLC (MTN Ghana) announces changes in Board Membership modernghana.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from modernghana.com Daily Mail and Mail on Sunday newspapers.
The nation’s bourse retreated on Thursday, reversing two days positive sentiment with a loss of N65 billion following profit taking on banking and consumer goods stocks.
London Stock Exchange welcomes Ecobank Nigeria celebrating its bond issuance
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Ecobank
Ecobank Nigeria has today opened the market at London Stock Exchange via a virtual ceremony to mark the listing of its five-year fixed rate senior unsecured US$300 million bonds.
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%, significantly below its Initial Price Thoughts of 7.75%. 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.