By Dipo Olowookere
The seven-year subordinated unsecured bonds due 2026 worth N30 billion issued recently by Access Bank Plc at a coupon rate of 15.5 percent have been admitted on the trading platform of the Nigerian Stock Exchange (NSE).
The corporate debt instruments were listed on the daily official list of the nation’s bourse on Tuesday, September 17, 2019, a circular signed by the Head of Listings Regulation at the NSE, Mr Godstime Iwenekhai, confirmed.
“Dealing members are hereby notified that Access Bank Plc’s N30,000,000,000, 7-Year 15.5 percent fixed rate subordinated unsecured bonds due 2026, were listed on the daily official list of the Nigerian Stock Exchange on Tuesday, September 17, 2019,” the notice said.
Business Post reports that the bonds, which were oversubscribed by investors, had Chapel Hill Denham Advisory Limited acting 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.
The tier-2 fixed rate subordinated unsecured notes were auctioned to local investors and have an option of being redeemed after five years they were sold.
According to Access Bank, 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.
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