We have ordered some firms to make arrangements for 5-year Eurobond sale – Access Bank

  We have ordered some firms to make arrangements for 5-year Eurobond sale – Access Bank

Leading financial institution, Access Bank Plc has announced plans to hit the international debt capital market next week to raise some funds from investors.

The lender, which currently has a $400 million Eurobond due in 2021 with a coupon of 9.25 per cent, wants to issue another dollar-denominated bond.

In a notice to the Nigerian Exchange (NGX) Limited on Thursday, the lender said it has already given a marching order to some firms to make arrangements for the 5-year Eurobond sale.

Those involved in the transaction are Absa, Barclays, JP Morgan and Standard Chartered Bank as joint bookrunners, while Chapel Hill Denham and Rand Merchant Bank as financial advisers.

Though the financial institution did not state in the disclosure the actual size of the exercise, it had informed participants earlier at its half-year analyst call that the amount and yield would be determined by demand.

“Access Bank Plc announces today on the Nigerian Exchange Limited that it has mandated Absa, Barclays, JP Morgan and Standard Chartered Bank as joint bookrunners and Chapel Hill Denham and Rand Merchant Bank as financial advisers to arrange a global investor call in addition to a series of fixed income investor calls commencing on September 11, 2021.

“The issuance of a 5-year fixed rate USD-denominated regulation S/144A senior unsecured note under the bank’s global medium-term note programme may follow, subject to market conditions,” the notice filed by the bank said.