Downtown Africa
| Ecobank Transnational Incorporated (“ETI”), the Lomé based parent company of the Ecobank, was hosted today by the London Stock Exchange for a market opening virtual ceremony to celebrate the successful listing of the Tier 2 Sustainability Notes on the London Stock Exchange (LSE) main market. This represents the first-ever Tier 2 Sustainability Notes by a financial institution in Sub-Saharan Africa and is the first to have a Basel III-compliant 10NC5 structure outside of South Africa in 144A/RegS format and is now listed on the main market of the London Stock Exchange. The bond, which matures in June 2031, has a call option in June 2026 and was issued with a coupon of 8.75% with interest payable semi-annually in arrears. An equivalent amount of the net proceeds from the notes will be used by ETI to finance or re-finance, new or existing eligible assets. The Joint Lead Managers & Bookrunners in the transaction were Citi, Mashreq, Renaissance Capital, and Standard Chartered Bank. Investor interest for this Sophomore Eurobond issue was global, including United Kingdom, United States, Europe, the Middle East, Asia, and Africa, achieving a 3.6x oversubscribed order book, of over US$1.3 billion at its peak. The Group Chief Executive Officer of ETI, Ade Ayeyemi, stated that the strong global interest in our issuance reflects investors’ confidence in Ecobank’s strategy and their commitment to sustainable financing. |
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