Dipo Olowookere
By Dipo Olowookere
Standard Chartered Bank has reaffirmed its determination to continue to use its experience in the international financial markets to drive inclusive growth and development in Africa.
Recently, the lender, alongside three other banks, acted as joint lead manager for Access Bank Plc on its $500 million senior Eurobond issuance.
The 5-year unsecured note (144A/RegS) under Access Bank’s $1.5 billion Global Medium-Term Note Programme was issued with a yield and coupon of 6.125 per cent with interest payable semi-annually in arrears.
Commenting on the exercise, the Executive Director in charge of Corporate, Commercial and Institutional Banking at Standard Chartered Nigeria & West Africa, Mr Olukorede Adenowo, noted that, “Standard Chartered is proud to partner with Access Bank on this momentous transaction.”
“The success of this issuance demonstrates investors’ confidence in Access’s 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,” he stated.
The bond, which matures in September 2026, is listed on the main market of the London Stock Exchange (LSE) and would be used for medium-term funding and help to enhance the capacity of the bank to support its general banking purposes.
The offering achieved the lowest (outstanding) Nigerian bank Eurobond coupon, supported by an over 3 times oversubscribed order book of over $1.6 billion, which represents the largest order book ever for a Nigerian bank Eurobond transaction.
The transaction saw significant demand from top-quality investors globally including the United States, Europe, the United Kingdom, 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 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.
