By Aduragbemi Omiyale
The five-year fixed rate senior unsecured $300 million bond issued by Ecobank Nigeria Limited has begun trading on the floor of the London Stock Exchange (LSE).
This followed the listing of the corporate debt instrument on the respected trading platform on Thursday via a virtual ceremony witnessed by officials of the exchange and the financial institution.
The paper has an issuer rating of B- from Fitch Rating agency and S&P, while Citi, Mashreq, Renaissance Capital and Standard Chartered Bank acted as joint lead managers and book runners.
Business Post reports that the note carries a coupon rate of 7.125 per cent, significantly below its Initial Price Thoughts of 7.75 per cent.
The successful launch was three times oversubscribed and is the lowest coupon/yield by a Nigerian financial institution for a benchmark bond transaction since 2013.
“The strong demand for our bond shows the international appetite for the Ecobank franchise in Nigeria, its unique positioning for facilitating pan-Africa trade and the attractive opportunity for the many investors seeking to back world-class Nigerian corporates,” the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, said.
It was gathered that proceeds will provide medium-term funding and help to enhance the capacity of the bank to support international trade and service across Africa.
Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, provides the full suite of banking products, services and solutions through multiple channels to retail, commercial, corporate and public sector customers.
Dipo Olowookere 
Modupe Gbadeyanka