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Access Bank May Raise EuroBond in Q4

By on July 11, 2012

Following its successful acquisition of Intercontinental bank and subsequent integration, Access bank may be preparing to raise a Euro bond in the fourth quarter of the year.

ThisDay, a leading print news media company, says the bank has appointed GitiGroup and Goldman Sachs to act as advisers on the deal.

According to reports in thisDay, “The commercial bank had mandated Citigroup and Goldman Sachs International to arrange series of global fixed income investor meetings in Europe and the US from today.

The bank is expected to float a US dollar-denominated 144A/Reg S bond offering, at the end of the meetings.

144A is a private placement for US investors while the Reg S is a Bond issued in the Eurobond market for international investors. 144A/Reg S bonds are generally assigned two separate sets of securities identification codes.

The proposed bond issuance is however subject to market conditions and approval by regulators as well as the Financial Services Authority (FSA) and the International Capital Market Association (ICMA).”

The Banker magazine, a leading business publication, published by the Financial Times of London recently ranked Access Bank the 541st bank in the world by Tier 1 capital. The bank is 4th largest in Nigeria and the 15th largest in Africa.