Ecobank celebrates successful issuance of $400m Eurobond at LSE

Ecobank Transnational Incorporated (ETI), the parent of the leading pan-African Ecobank Group, yesterday, opened the market at the London Stock Exchange (LSE) to celebrate the successful issuance of its $400 million Senior Unsecured Eurobond on the London Stock Exchange main market.

The Notes, which mature in October 2029, pay interest of 10.125 per cent, payable semi-annually in arrears and the bank’s third issuance on the international bond markets.

ETI will use the net proceeds from the issuance of the Eurobond for general corporate purposes, including refinancing the $350 million Senior Bridge-to-Bond Loan Facility entered into in March 2024.

Members of the ETI board and management attended the London Stock Exchange to celebrate the successful issuance of the bond.

The Chief Executive Officer of Ecobank Group, Jeremy Awori, said the successful Notes issuance demonstrated how Ecobank was blazing the trail for sub-Saharan African financial institutions and corporates in accessing the international capital markets.

“The Notes are ETI’s third issuance on the international bond markets and the first public Eurobond issuance by a financial institution in sub-Saharan Africa since 2021.

“With the bond more than 2.1 times oversubscribed, the strong demand demonstrates international and African investors’ approval and trust in the progress of our Growth, Transformation and Returns Strategy.”

Chief Financial Officer of Ecobank Group, Ayo Adepoju said: “We appreciate the support and partnership from Absa, Africa Finance Corporation, African Export-Import Bank, Mashreq, and Standard Chartered Bank, who acted as Joint Lead Managers and Joint Bookrunners, and Renaissance Capital Africa, who served as the Financial Adviser for the transaction.

“We deeply value and appreciate the strong support from our Development Finance Institution partners, including the Africa Finance Corporation, Proparco, and the Eastern and Southern African Trade and Development Bank, who helped anchor the transaction.”