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Skye Bank raises US$100 mln in bonds

By on April 27, 2012

Skye Bank has raised $100 million in debt from a multilateral institution at a floating coupon rate of 6.3 percent for seven-years to boost its capital, its chief executive Kehinde Durosinmi-Etti said on Thursday.

“It will add about two percent to our capital adequacy ratio,” he said, during an investor briefing, commenting on its currently capital adequacy level of 17.5 percent.

A number of Nigerian banks — First Bank, United Bank for Africa (UBA) and Diamond Bank have indicated interest to raise bonds from the international market this year.

Skye Bank recently reported a N 6.6 billion net income in its audited 2011 financial reports.