Nigeria’s Access Bank issues $500 mln Eurobond, priced at 9.125% -bookrunner

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ABUJA, Oct 4 – Nigeria’s biggest lender, Access Bank (ACCESS.LG) has issued a $500 million Eurobond, priced at 9.125%, one of the bookrunner said on Monday.

The latest issue — a Basel-III compliant perpetual bond –the first of its kind for a Nigerian bank, is the second dollar-denominated bond for Access Bank in less than a month.

In a statement signed by its Company Secretary, Sunday Ekwochi, the bank revealed that the 144A/Reg S Additional Tier 1 Eurobond was priced at a 9.125 per cent yield with the coupons peaking over $1bn.

The eurobond which was issued under the bank’s medium-term note programme is a Basel III compliant Perpetual Non-Call 5.25-year subscribed note to be listed 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, Access Bank said.

The Group Managing Director, bank, Dr Herbert Wigwe, said that the transaction significantly enhanced Access Bank’s tier 1 and total capital ratios, and provided significant room for growth and execution of its strategic objectives.

“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,” he said.