Access Bank redeems $500 million in Eurobonds — Premium Times Nigeria
Nigerian lender Access Bank has redeemed $500 million in senior unsecured Eurobonds issued in 2021. The securities matured on September 21, Premium Times Nigeria reports, citing a statement by the bank’s parent company, Access Holdings.
Redemption funded by liquidity
Access Holdings said the payment demonstrates the bank’s strong liquidity position, disciplined balance-sheet management, and fulfillment of obligations to investors and other stakeholders.
According to the bank, the foreign-currency resources used for the redemption were consistent with its asset and liability management framework and the maturity schedule envisaged at the time of issuance. The payment was integrated into the liquidity management system and had no adverse effect on operations or compliance with regulatory liquidity requirements.
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Access Bank also said that throughout the bonds’ term, it did not miss any semiannual coupon payments to investors.
Terms of the 2021 issue
The Eurobonds were issued in September 2021 with a five-year term and a 6.125% coupon rate. Demand exceeded the issue size by more than three times, while the order book reached more than $1.6 billion.
The securities were issued under a $1.5 billion Global Medium-Term Note programme and admitted to listing on the Main Market of the London Stock Exchange. The proceeds were intended for medium-term funding and support for general banking needs.
