Following the successfully launch of Access Bank Plc’s $500million Senior Unsecured Eurobond, Standard Chartered Bank (StanChart), has said the issuance demonstrates investors’ confidence in Access’ strategy as a leading banking group out of Africa.
Standard Chartered acted as Joint Lead Manager (JLM) on the bond, and has led and served as JLM on all Eurobond transactions by banks in sub-Saharan Africa since 2017.
Commenting on the transaction, Standard Chartered’s Executive Director, Corporate, Commercial and Institutional Banking, Nigeria & West Africa, Olukorede Adenowo, said in a statement: “Standard Chartered is proud to partner with Access Bank on this momentous transaction.
“The success of this issuance demonstrates investors’ confidence in Access’ 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.”
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.
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.
The bond matures in September 2026 and was issued with a yield and coupon of 6.125% with interest payable semi-annually in arrears.
Access Bank, in an earlier notification to the Nigerian Exchange Limited (NGX) on the issuance of the bond, had said the offering achieved the lowest (outstanding) Nigerian bank Eurobond coupon with an oversubscription of three times of over $1.6 billion, which represents the largest orderbook ever for a Nigerian bank Eurobond transaction.
Access Bank explained that the net proceeds of the Eurobond will provide medium term funding and help to enhance its capacity to support 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 in 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 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.