United Bank for Africa (UBA) on Wednesday redeemed its first $500 million 5-year Eurobond with a maturity date of June 8, 2022. Issued in 2017, the five-year bond was offered at a coupon rate of 7.75 percent, and raised to support the bank's activities in key sectors of the economy.

As part of UBA's liability management strategies, in November 2021, the bank repurchased $310.9 million in bonds through a cash tender offer. Upon maturity of the Eurobond, the outstanding portion of $189.1 million and the coupon of $7.3 million were redeemed by the bank.