Access Bank Plc has announced the successful pricing of a $500 million additional tier one Eurobond.
The bank stated this in a press release signed by the company secretary, Sunday Ekwochi on the Nigerian Exchange Limited.
The bank said that the offering achieved a pricing of 9.125 per cent yield and coupon recording over 200 per cent over-subscribed order book which peaked at over $1 billion.
According to Access Bank, this additional Tier one Eurobond which is issued under the bank’s medium term note programme is a Basel III compliant Perpetual Non-Call 5.25-year Subordinated Note to be heated on the London Stock Exchange. The Eurobond may be called anytime from October 7, 2026, subject to conditions including the Central Bank of Nigeria’s approval.
Speaking on the transaction, group managing director of the bank, Dr. Herbert Wigwe, stated, “At Access Bank, we remain fully committed to the execution of our vision to become the world’s most respected African bank.
“This remarkable transaction, which is a first in the Nigerian banking industry, significantly enhances our Tier one and total capital ratios, providing significant room for growth and ongoing execution of our strategic objectives.
the Bank’s leadership in its marketplace.”
It added that “this issuance on the back of our recently concluded $500 million senior Eurobond, underscores the formidable confidence of a diversified range of global and local investors in the Access Bank Strategy.”
Access Bank Plc as at June 30, 2021 grew its total assets to N10.06 trillion as against N8.68 trillion reported in the full year ended December 31, 2020, indicating a 16 per cent increase. The financial institution’s profit before tax hit N97.5 billion as against N74.31 billion reported in prior H1, 2020 results and accounts.