New Telegraph 
Ecobank Transnational Incorporated (ETI), on Wednesday, opened the market at the London Stock Exchange (LSE) to celebrate the successful issuance of its $400 million Senior Unsecured Eurobond on the LSE main market.
Jeremy Awori, CEO, Ecobank Group, said: “Our successful notes issuance demonstrates how Ecobank is 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 subSaharan 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.”
The notes, which mature in October 2029, pay interest of 10.125 per cent, payable semi-annually in arrears. Ayo Adepoju, Chief Financial Officer, Ecobank Group commented: “We really appreciate the support and partnership from Absa, Africa Finance Corporation, African ExportImport 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.
We also thank our bond investors for their ongoing support of ETI and look forward to continuing our engagement and working together to successfully execute our business strategy.”
ETI will use the net proceeds from the issuance of the Notes for general corporate purposes, including refinancing the $350 million Senior Bridge-to-Bond Loan Facility entered into in March 2024.
