UBA redeems $500million 5-year Eurobond

The United Bank for Africa Plc (UBA) has redeemed its $500 million 5-year Eurobond notes, with a maturity date of June 8, 2022. The five-year bond issued in 2017 was offered at a coupon rate of 7.75percent. As part of UBA’s liability management strategies, in November 2021, the Group repurchased $310.9 million of the notes through a cash tender offer. Upon maturity, the outstanding portion of $189.1 million and the coupon of $7.3 million were paid.

“The Group’s selective participation in international debt markets is a testament to UBA’s robust and prudent liquidity management strategies, coupled with a very strong and diversified asset and liability management process,” said Kennedy Uzoka, GMD/CEO of UBA.

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“Our significant customer base, diversified geographical spread and multiple decades of proven track record continue to ensure that UBA is the preferred destination for investors, individuals, and businesses alike,” Uzoka continued.

With a presence in 20 African countries, including Nigeria, as well as operations in France, and the UK and being the only sub-Saharan African bank with a deposit-taking licence in the USA, UBA is a leading African financial institution providing banking and financial services to over 33 million customers across the globe.