The rate of Ecobank Nigeria's bond issue was set at $300 million by the parent company of the Ecobank Group. Thus, the rate of its bond issue is limited to US$300 million maturing in February 2026, with settlement of the bond expected to take place on February 16, 2021.

The fixed rate bond, denominated in US dollars and has a term of 5 years, has a coupon of 7.125% and will be listed on the London Stock Exchange. According to a press release from Ecobank Group, it comes with an issuer rating of B- from the Fitch Rating Agency and S&P. The coupon represents the lowest ever by a Nigerian financial institution for a bond. reference.
The issue was more than three times oversubscribed, attracting significant interest from international investors. The trade opened with an Initial Price Indication (“IPT”) of 7.75% and eventually closed at 7.125% due to strong demand.
This transaction is a significant fundraiser for Nigeria's banking sector, giving Ecobank access to international debt capital markets and more favorable credit terms, commensurate with its strong financial position and robust structure. capital.
“Despite the challenging international environment due to the Covid-19 pandemic, and following a successful N50 billion Tier 2 issue in December 2020, Ecobank Nigeria has successfully issued this 5-year senior unsecured bond. , which is the first transaction of its kind in Nigeria in 2021, and to fix the rate. Through this bond issue, Ecobank Nigeria is actively working to optimize its capital structure, as it pursues its medium-term growth strategy by establishing itself as one of the main pan-African players in international trade and means of payment. said Patrick Akinwuntan, Managing Director of Ecobank Nigeria. For international investors, it represented an interesting opportunity to develop their presence in Nigeria.