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LSE hosts Ecobank after $500m Eurobond issuance

LSE hosts Ecobank after $500m Eurobond issuanceFollowing the successful $500 million Eurobond issuance, Ecobank Transnational Incorporated (ETI) was hosted by the London Stock Exchange (LSE) to a market opening ceremony to celebrate feat.

The bond was oversubscribed with strong demand from international investors in the United Kingdom, United States, Europe, Middle East, Asia and Africa, following the bank’s 2017 convertible bond issuance on the International Securities Market.

The five-year senior unsecured notes, which mature in April 2024, were launched with a coupon interest rate of 9.50 per cent per annum payable semi-annually in arrears.

The Group Chief Executive Officer of Ecobank, Ade Ayeyemi, said: “The successful issuance of our inaugural Eurobond on the main London market demonstrates international investors’ approval and confidence in Ecobank’s long-term strategy and prospects as a strong and sustainable pan-African financial services institution. It also demonstrates the ability of African corporates to access international capital markets.”

The Acting Group CFO of the bank, Ayo Adepoju, added: “Ecobank places great emphasis on constantly reviewing our capital allocation strategies to ensure that we have the right strategic positioning, competitive advantages, products and resources to increase efficiency and profitability.

“Our access to international capital markets are part of the mix and enable us to boost our liquidity profile, refinance maturing facilities and strengthen our foundations to ensure long-term sustainable growth and profitability for all our stakeholders.”

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