Access Bank raises $300m Eurobond from foreign market

Leading financial institution, Access Bank Plc has successfully raised US$300 million via a Eurobond from the international bond market.

The Bank recently assessed the international market to raise the bond with maturity date in October 2021, at a coupon of10.5%.

This makes Access Bank the first Nigerian bank to raise bond from the international market this year despite the country’s macro-economic headwinds. The   successful outcome   of   the   bond   also   demonstrates   the   strength,   resilience   and   international endorsement of Access Bank Plc.

Besides, industry analysts perceived the development as a show of support for the Federal Government’s efforts to attract foreign exchange into the country.

The Bank currently has two series of Eurobonds in issue – the $350 million maturing in July2017 at a coupon of 7.25% and the $400 million (9.25%), June 2021 maturity date as part of a US$1 billion global medium term note programme.

Commenting on the development, Herbert Wigwe, Group Managing Director/CEO of Access Bank, said, “the bond will be for working capital, for lending to investment-grade names, including Nigerian companies seeking to expand their exports.”

He emphasised that the process signifies a significant moment on the Bank’s journey to entrench itself as one of Nigeria’s top three banks by 2017. “It also ensures that we keep our promise of speed, service and security to our customers as we target Africa’s fastest-growing industrial sectors,” he added.

Access Bank is now one of the top 3 banks in Nigeria and ranked among the top 500 global banks according to a 2015 report by The Banker magazine and is aiming to be Africa’s top bank.

The Bank recently won Best Branch Automation Project in the 2016 Asian Banker Awards; 2016 Karlsruhe Outstanding Business Sustainability Award; 2016 Euromoney Africa’s Best Bank Transformation Award and the EMEA Finance ‘Best Bank of the Year’ and CEO of the Year.

The Bank currently serves over 7 million individual and corporate account holders, through 370 branches and with more than 1,500 ATMs in major centres across Nigeria, Sub-Saharan Africa, the Middle East, the UK and Representative offices in Asia.