Access Bank has successfully issued a $500 Million Eurobond.
Access Bank Plc has announced the successful offering of a $500 million 144A/RegS Senior Unsecured Eurobond as part of its Global Medium-Term Note Programme.
According to a notice signed by the company’s secretary, Sunday Ekwochi, and made available on the Nigerian Exchange Limited (NGX) website, the transaction drew massive interest from top quality investors worldwide, including the United States, Europe, the Middle East, Asia, and Africa, and was anchored by a number of large tickets.
The offering achieved the lowest (outstanding) Nigerian bank Eurobond coupon, supported by an over 3x oversubscribed orderbook of over $1.6 billion, which represents the largest orderbook ever for a Nigerian bank Eurobond transaction.
The bond which will mature on the 21st of September, 2026, was issued with a yield and coupon of 6.125%, with interest payable semi-annually in arrears. The coupon of 6.125% is another first in the corporate Eurobond issuance space.
Interestingly, the bond is already trading at a premium from issue levels with bids around 5.89% levels whilst offers are around 5.78% as the unmet demand from the auction filtered into the secondary market. (101/101.50 indicative price).