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Global sweetheart ! Access Bank Raises $300m Eurobond to Bring in Foreign Exchange

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Global sweetheart ! Access Bank Raises $300m Eurobond to Bring in Foreign Exchange

Global sweetheart ! Access Bank Raises $300m Eurobond to Bring in Foreign Exchange
October 29
15:16 2016

• Access bank’s enviable march on glorious paths

It is so hard to ditch the winning habit particularly for a glorious institution, like Access Bank Plc. Like a knight bearing shiny lance and armour, Access Bank resourcefully steers it’s mammoth vessel to financial success and entrepreneurial acclaim at the local and global business fronts.

This claim is justifiable by the success stories and exploits of the bank.

Access Bank Plc, a leading financial institution and parent company of Access Bank Ghana, has successfully raised US$300 million via a Eurobond from the international bond market. The Bank recently assessed the international market to raise the bond with maturity date in October 2021, at a coupon of 10.5%.

This makes Access Bank Plc the first Nigerian bank to raise bond from the international market this year despite the country’s macro-economic headwinds.

The successful outcome of the bond also demonstrates the strength, resilience and international endorsement of Access Bank Plc.

Besides, industry analysts perceived the development as a show of support to attract foreign exchange into the country.

The Bank currently has two series of Eurobonds in issue – the $350 million maturing in July 2017 at a coupon of 7.25% and the $400 million (9.25%), June 2021 maturity date as part of a US$1 billion global medium term note programme.

Commenting on the development, Herbert Wigwe, Group Managing Director/CEO of Access Bank, said, “the bond will be for working capital, for lending to investment-grade names, including Nigerian companies seeking to expand their exports.”

He emphasised that the process signifies a significant moment on the Bank’s journey to entrench itself as one of Nigeria’s top three banks by 2017.

“It also ensures that we keep our promise of speed, service and security to our customers as we target Africa’s fastest-growing industrial sectors,” he added.

Access Bank is now one of the top 3 banks in Nigeria and ranked among the top 500 global banks according to a 2015 report by The Banker magazine and is aiming to be Africa’s top bank. In 2016, Access Bank was adjudged winner for Best Branch Automation Project, Asian Banker Awards; 2016 Karlsruhe Outstanding Business Sustainability Award; 2016 Euromoney Africa’s Best Bank Transformation Award and the EMEA Finance ‘Best Bank of the Year’ and CEO of the Year.

Its subsidiary Access Bank Ghana, is recognised as one of the fastest growing banks in the Ghanaian banking industry having recorded a positive growth trajectory and consistent financial performance across key indicators over the past 7 years.

The Bank recently received approvals from the Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE) to undertake an Initial Public Offering to support its growth and expansion strategies.

 

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