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Ecobank Nigeria raises $200m Tier-2 capital

By BusinessNews Staff on August 9, 2014

Ecobank Nigeria has sold $200 million of dated subordinated notes due in 2021 to join lenders in Africa’s largest economy raising funds through debt sales.

The issuance has a yield of nine per cent and a coupon of 8.75 per cent, Bloomberg quoted a source to have said.

Deutsche Bank AG and Standard Chartered Plc were the lead managers.
The notes are expected to be eligible as tier-2 capital by the Central Bank of Nigeria, according to the source.

Officials of the bank declined to respond to enquiries on the capital raising.
Access Bank Plc sold $400 million of subordinated notes in June with the yield falling 80 basis points since they were issued to 8.7 percent yesterday.

First Bank of Nigeria sold $450 million of bonds on July 18. The banks are raising money to help fund power, oil exploration and manufacturing projects in Nigeria, Africa’s biggest crude producer.
Ecobank Transnational, a lender based in the Togolese capital of Lome that operates in 36 African countries, said net income rose 15 percent to $194 million for the six months through June.

[This Day]

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