{"id":51977,"date":"2024-11-20T18:00:21","date_gmt":"2024-11-20T18:00:21","guid":{"rendered":"https:\/\/new.igihe.com\/ecobank-taps-international-capital-markets-with-400-million-eurobond\/"},"modified":"2024-11-20T17:59:35","modified_gmt":"2024-11-20T17:59:35","slug":"ecobank-taps-international-capital-markets-with-400-million-eurobond","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/ecobank-taps-international-capital-markets-with-400-million-eurobond\/","title":{"rendered":"Ecobank taps international capital markets with $400 million Eurobond"},"content":{"rendered":"<p>In a statement, Ecobank Group revealed that the bond was oversubscribed by more than 2.1 times, reflecting strong investor confidence in the institution\u2019s financial growth and strategy.<\/p>\n<p>The issuance marks a major milestone for ETI, as it is the first public Eurobond issuance by a financial institution in sub-Saharan Africa since 2021. <\/p>\n<p>The bonds, also known as notes, will mature in October 2029 and offer an interest rate of 10.125%, payable semi-annually in arrears to the investors who have lent Ecobank $400 million.<\/p>\n<p>Jeremy Awori, CEO of Ecobank Group, emphasized the importance of the bond&#8217;s success, saying, \u201cOur successful Notes issuance demonstrates how Ecobank is blazing the trail for sub-Saharan African financial institutions and corporates in accessing the international capital markets.\u201d <\/p>\n<p>The CEO added that the strong demand for the bond from both international and African investors is a testament to the growing trust in Ecobank\u2019s &#8216;Growth, Transformation, and Returns Strategy&#8217;.<\/p>\n<figure class=\"spip-document spip-document-77364 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/lse_ecobank_edit_003.jpg\" alt=\"Ecobank Group CEO Jeremy Awori revealed that the bond was oversubscribed by more than 2.1 times, reflecting strong investor confidence in the institution\u2019s financial growth and strategy.\" \/><\/figure>\n<p>The net proceeds from the bond will be used for general corporate purposes, including refinancing a $350 million Senior Bridge-to-Bond Loan Facility secured earlier in the year. This move is expected to further enhance Ecobank\u2019s financial position and support its strategic initiatives.<\/p>\n<p>Ayo Adepoju, the Group&#8217;s Chief Financial Officer, thanked the bank&#8217;s partners, including Absa, Africa Finance Corporation, and Standard Chartered Bank, who acted as Joint Lead Managers and Bookrunners for the bond issuance. <\/p>\n<p>\u201cWe deeply value and appreciate the strong support from our Development Finance Institution partners and bond investors,\u201d he said.<\/p>\n<figure class=\"spip-document spip-document-77363 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/lse_ecobank_edit_011.jpg\" alt=\"The market opening ceremony at the LSE was attended by members of the ETI board and management, celebrating a key achievement in Ecobank\u2019s ongoing expansion and commitment to African financial growth.\" \/><\/figure>\n<p>With a presence in 35 African countries and a growing international footprint, Ecobank&#8217;s latest bond issuance strengthens its position in the global capital markets and supports its long-term growth objectives.<\/p>\n<p>The market opening ceremony at the LSE was attended by members of the ETI board and management, celebrating a key achievement in Ecobank\u2019s ongoing expansion and commitment to African financial growth.<\/p>\n<figure class=\"spip-document spip-document-77365 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/lse_ecobank_edit_009.jpg\" alt=\"Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Group, successfully issued a US$400 million Senior Unsecured Eurobond on the London Stock Exchange (LSE) on Wednesday, November 20, 2024. \" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Group, successfully issued a US$400 million Senior Unsecured Eurobond on the London Stock Exchange (LSE) on Wednesday, November 20, 2024. 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