By Modupe Gbadeyanka One of the top lenders in Nigeria, Zenith Bank Plc, has expressed its intention to issue about $500 million Eurobond in the second tranche of the $1 billion Global Medium Term Note programme it launched in 2014. In the first tranche of the exercise, the financial institution\u2019s $500 million Eurobond was oversubscribed by investors mainly from Nigeria, the United States, the United Kingdom and the European Union. In a notice to the Nigerian Stock Exchange (NSE) on Thursday, Zenith Bank explained that it, \u201cIntends to utilize the net proceeds of the Second Tranche Notes for its general banking purposes.\u201d \u201cThe net proceeds from the issue of the Second Tranche Notes will be paid into the Bank's foreign currency domiciliary account and may be converted into Naira or retained in foreign currency,\u201d it said further. In the statement signed by the firm\u2019s Secretary, Mr Michael Osilama Otu, it was stated that the First Tranche Notes was listed and admitted to trading on the Irish Stock Exchange and it is intended that the Second Tranche Notes will also be listed on the ISE and admitted to trading on its regulated market. \u201cAs was done with the First Tranche Notes, the bank intends to issue the Second Tranche Notes directly but will retain the flexibility to issue through an offshore special purpose vehicle where market conditions require and allow for same,\u201d the Mr Otu said. It was noted that Zenith Bank \u201cdoes not intend to obtain a Certificate of Capital Importation (CCI) in respect of the proceeds of the Notes that are not converted into Naira as a CCI is only issued in respect of capital imported into Nigeria and converted into Naira.\u201d \u201cTherefore, the bank will make principal repayment and interest payments on the Notes from its foreign currency reserves as it will not be able to obtain access to the Nigerian foreign exchange market for the purpose of making such payments. \u201cHowever, in the event that the bank does not have sufficient foreign currency reserves to meet the principal and interest payments due on the Notes, the bank would be required to obtain the approval of the Central Bank of Nigeria (CBN) to enable it to access the official foreign exchange market,\u201d the statement further explained. It added that an announcement regarding planned investor meetings in Europe and the United States with respect to the Transaction is scheduled for today, May 11, 2017, and we hereby formally notify the investing public and the Nigerian Stock Exchange (NSE) of same, pointing out that the commencement of the Transaction will however be subject to documentation and market conditions.\u201d In the first tranche of the $500 million Eurobond, according to the order book, investors subscribed for the Notes in the region of $1.3 billion. Over the years, Zenith Bank has stamped its authority in the banking industry in Africa. It is one of the healthiest lenders in Nigeria at the moment.