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Standard Chartered holds new record with Access Bank’s $500m Eurobond issuance

Standard Chartered Bank, alongside three other banks, acted as Joint Lead Manager for Access Bank’s $500m Senior Eurobond Issuance.

With its participation in the Eurobond issuance by Nigeria’s largest bank, Standard Chartered Bank can boost of facilitating all Eurobond transactions by banks in Sub Saharan Africa since 2017 (excluding South Africa), a record that underscores its leadership in the space.

“We continue to work with our clients across Africa to deliver on their growth aspirations and also use our market-leading position in the international bond markets and sustainable financing space to drive inclusive growth and development in Africa,” Standard Chartered’s Executive Director, Corporate, Commercial and Institutional Banking, Nigeria & West Africa, Olukorede Adenowo, said.

Commenting on the recent Eurobond issuance, Adenowo said Standard Chartered is proud to have partnered with Access Bank on the momentous transaction.

According to him, the success of the issuance demonstrates investors’ confidence in Access’s strategy as a leading banking group out of Africa.

Read also: Five takeaways from Nigeria’s biggest banks’ half-year results

The 5-year unsecured Senior Eurobond note (144A/RegS) under Access Bank’s $1.5 billion Global Medium-Term Note Programme was listed on the main market of the London Stock Exchange. The bond matures in September 2026 and was issued with a yield and coupon of 6.125 percent with interest payable semi-annually in arrears.

The offering achieved the lowest (outstanding) Nigerian bank Eurobond coupon, supported by an over 3 times oversubscribed order book of over $1.6 billion, which represents the largest order book ever for a Nigerian bank Eurobond transaction. The net proceeds of the Eurobond will provide medium-term funding and help to enhance the capacity of the Bank to support its general banking purposes.

The transaction saw significant demand from top-quality investors globally including the United States, Europe (incl. the UK), the Middle East, Asia and Africa, anchored by several large tickets.

The phenomenal success of the transaction is a strong testament to global investors’ confidence in Access Bank as well as Standard Chartered’s deep knowledge of the banking and financial markets industry, access to diverse global and local investor pool and strong relationships with the key stakeholders, the joint Lead Manager of the Eurobond said.

Standard Chartered Bank has also acted as Joint Lead Manager on all landmark Africa FI deals in the last 12 months including Access FBN, Ecobank Nigeria, ABSA Bank T1, and ETI Tier 2 Sustainability Notes.

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