By Dipo Olowookere
The request by Access Bank Plc to list its recently issued N30 billion corporate bonds on the trading platform of the Nigerian Stock Exchange (NSE) has been approved, Business Post has authoritatively learned.
Not too long ago, Access Bank sold a tier-2 fixed rate subordinated unsecured bond worth N30 billion to investors and the exercise was oversubscribed.
The notes were auctioned to local investors and have maturity of seven years, with the option of being redeemed after five years.
According to the lender, the exercise was done to further strengthen its funding base and create more value for shareholders of the company.
“We are a bank with a rigorous and disciplined capital plan and the action taken today is in line with our 5-year strategic plan.
“This is to ensure a strong capital buffer at all times and support our low risk appetite.
“Following the merger, we identified some synergies and combined with this issue, we are confident of our capacity to attain the next level of being a more efficient bank,” the Group Managing Director/CEO of Access Bank, Mr Herbert Wigwe, was quoted as saying.
Over the weekend, Business Post gathered that the application for the listing of Access Bank’s N30 billion seven-year 15.5 percent fixed rate subordinated unsecured bond due 2026 on the NSE has been approved.
It was further learned that a date for the listing is being worked out by parties involved and this should come soon.
It was gathered that Chapel Hill Denham Advisory Limited is acted as the lead issuing house, while the duo of Coronation Merchant Bank Limited and First-Ally Capital Limited were the joint issuing house, with Coronation Securities Limited as the stockbroker.
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