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Ecobank Transnational Incorporated (ETI), parent of the leading pan-African Ecobank Group opened the market at the London Stock Exchange (LSE) to celebrate the successful issuance of its USD 400 million Senior Unsecured Eurobond on the London Stock Exchange main market.
Ecobank Group’s successful Notes issuance demonstrates how Ecobank is blazing the trail for sub-Saharan African financial institutions and corporates in accessing the international capital markets. The Notes are ETI’s third issuance on the international bond markets and the first public Eurobond issuance by a financial institution in sub-Saharan Africa since 2021.
With the bond more than 2.1 times oversubscribed, the strong demand demonstrates international and African investor’s approval and trust in the progress of our Growth, Transformation and Returns Strategy, stated Jeremy Awori, CEO, of Ecobank Group. The Notes, which mature in October 2029, pay interest of 10.125%, payable semi-annually in arrears. He further stated that ETI appreciates the support and partnership from Absa, Africa Finance Corporation, African Export-Import Bank, Mashreq, and Standard Chartered Bank, who acted as Joint Lead Managers and Joint Bookrunners, and Renaissance Capital Africa, who served as the Financial Adviser for the transaction. This included the strong support from Development Finance Institution partners, the Africa Finance Corporation, Proparco, and the Eastern and Southern African Trade and Development Bank, who helped anchor the transaction.
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According to the report distributed by the APO Group on behalf of Ecobank Transnational Incorporated, the Bank will use the net proceeds from the issuance of the Notes for general corporate purposes, including refinancing the USD 350 million Senior Bridge-to-Bond Loan Facility entered into in March 2024. It added that the members of the ETI board and management attended the London Stock Exchange to celebrate the successful issuance of the bond.
