Home > Business > Banking and finance > Access Bank To Sell Nigeria’s First Eurobond For Two Years

Access Bank To Sell Nigeria’s First Eurobond For Two Years

Access Bank Plc is set to issue the first Eurobond from Nigeria in almost two years after choosing banks to arrange a new deal. Nigeria’s fourth-largest lender by assets will meet investors in the U.S. and Europe from Tuesday through Oct. 3 and plans to sell five-year debt, according to Chief Executive Officer Herbert Wigwe. Barclays Plc, Citigroup Inc. and JPMorgan Chase & Co. will arrange the deal, he said.

“It will be for working capital, for lending to investment-grade names,” including Nigerian companies seeking to expand their exports, Wigwe, based in the commercial hub of Lagos, said by phone Monday. He didn’t say how much Access Bank intends to raise.

 It would be the first Eurobond out of Nigeria since October 2014, when oil company Seven Energy Finance Ltd. issued $300 million of securities. That year, Nigerian companies and banks including Access Bank, Zenith Bank Plc and FBN Holdings Plc sold $2.55 billion of dollar debt, according to data compiled by Bloomberg. The Nigerian government, which is planning to raise $1 billion this year, last tapped the Eurobond market in 2013.

Access Bank, which has $12 billion of assets, has two deals outstanding; one of $350 million due in July next year and another of $400 million maturing in June 2021.

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.

x

Check Also

Nigeria Records Worst Day In COVID-19 Management With 23 Deaths

Nigeria on Thursday recorded its worst day thus far in the management of the COVID-19 ...

Nigerian Authorities Seize First Bank’s Assets Over Shell’s N183bn Debt

Nigerian authorities have moved to sequester the assets of the country’s premier lender FirstBank of ...