Standard Chartered Bank, alongside three other banks, acted as Joint Lead Manager for Access Bank Plc. (“ETI”) on its US$500m Senior Eurobond Issuance.
The Senior Eurobond is a 5-year unsecured note (144A/RegS) under Access Bank’s US$1.5 billion Global Medium-Term Note Programme and is listed on the main market of the London Stock Exchange.
The bond matures in September 2026 and was issued with a yield and coupon of 6.125% with interest payable semi-annually in arrears.
The offering achieved the lowest (outstanding) Nigerian bank Eurobond coupon, supported by an over 3 times oversubscribed orderbook of over US$1.6 billion, which represents the largest orderbook ever for a Nigerian bank Eurobond transaction.
The net proceeds of the Eurobond will provide medium term funding and help to enhance the capacity of the Bank to support its general banking purposes.
The transaction saw a significant demand from top quality investors globally including United States, Europe (incl. the UK), Middle East, Asia and Africa, anchored by a number of large tickets.
The phenomenal success of this transaction is a strong testament to global investors’ confidence in Access Bank as well as Standard Chartered’s deep knowledge of the banking and financial markets industry, access to diverse global and local investor pool and strong relationships with the key stakeholders.
Standard Chartered Bank has led and served as Joint Lead Manager on all Eurobond transactions by banks in Sub Saharan Africa since 2017 (ex SA), underscoring our unparalleled leadership in the space.
Standard Chartered’s Executive Director, Corporate, Commercial and Institutional Banking, Nigeria & West Africa, Mr. Olukorede Adenowo noted that “Standard Chartered is proud to partner with Access Bank on this momentous transaction.
The success of this issuance demonstrates investors’ confidence in Access’s strategy as a leading banking group out of Africa.
We continue to work with our clients across Africa to deliver on their growth aspirations and also use our market leading position in the international bond markets and sustainable financing space to drive inclusive growth and development in Africa.
Standard Chartered Bank has also acted as Joint Lead Manager on all landmark Africa FI deals in last 12 months including Access FBN, Ecobank Nigeria, ABSA Bank T1, and ETI Tier 2 Sustainability Notes.