Afreximbank appointed Joint Lead Manager for Fidelity’s $400m Eurobond

African Export-Import Bank (Afreximbank) through its Advisory & Capital Markets (ACMA) investment banking arm acted as a Joint Lead Manager (JLM) and Bookrunner to place and close Fidelity Bank Plc’s $400 million five-Year 144A/Reg S Senior Unsecured Eurobond on 21st October 2021.

The transaction was settled on 28th October 2021 and other JLMs/Bookrunner were Citi and J.P. Morgan.

On 18th October 2021, Fidelity Bank announced the marketing of a benchmark five-year bond, which was followed by a two-day virtual roadshow.

The virtual roadshow consisted of a global investor call and a series of small group and one-on-one meetings with some of the key international and local accounts in the Emerging Market space.

Following the successful roadshow, on 21st October 2021, Fidelity Bank announced a new 5-year benchmark transaction and subsequently priced a $400 million five-year note at a Re-offer Yield of 7.875 percent and a coupon of 7.625 percent.

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The transaction closed comfortably within its cost optimization pricing targets, with the order book oversubscribed by 2x.

The issue marks Fidelity Banks’s return to the international debt capital markets after a 4-year break and is its third Eurobond since 2013.

The investors in the transaction included some of the most active institutions from around the world, with healthy investor demand from the UK, Mainland Europe, US, Asia, the Middle East and Africa notwithstanding tight market conditions and competing supply.

This demonstrated the issuer’s growing reputation with international DCM investors.

Benedict Oramah, (Professor) President and Chairman of the board of directors of Afreximbank remarked, “Afreximbank’s role in this transaction is strategic and emblematic of both consistency in the delivery of value to our clients throughout their growth life cycle, and of the Bank’s successful drive to provide innovative and sustainable funding options via the Debt Capital Markets in addition to our client-tailored banking services.”

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.