Fidelity Bank to raise $500m from international debt capital market

Leading tier-2 lender, Fidelity Bank Plc plans investor meetings commenced on Monday, October 18 as the bank considers raising about $500 million from the international debt capital market.

Fidelity Bank eyes the $500million through the issuance of 5-Year unsecured notes due 2026, proceeds of which are intended to be used for general corporate purposes including supporting its trade finance business.

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Fidelity Bank intends to list the Notes on the Irish Stock Exchange, with the expectation that the Notes will be traded on its regulated market. “The Securities and Exchange Commission has confirmed that it has no objection to the Transaction”, according to a statement filed with the Nigerian Exchange Limited (NGX) and signed by Ezinwa Unuigboje, Fidelity Bank’s secretary.

Fidelity Bank Plc reported a profit before tax of N20.6billion in half-year (H1) 2021 from N12billion in H1 2020. For the half-year ended June 30, 2021, Gross Earnings increased by 6.2percent year-on-year (YoY) to N112.3billion on account of 27.8percent growth in Non-Interest Revenue (NIR) to N23.8billion from N18.1billion in H1 2020.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.