Ecobank Eurobond Oversubscribed Issuance
Ecobank Transnational Incorporated (ETI), celebrated a groundbreaking achievement and successfully raised $400 million through a Senior Unsecured Eurobond. Notably, the company listed the issuance on the London Stock Exchange (LSE), marking a significant step forward for sub-Saharan African finance.
Furthermore, the bond issuance stands out as the first public Eurobond by a sub-Saharan African financial institution since 2021. In addition, it attracted overwhelming investor interest and achieved an impressive oversubscription rate of 2.1 times. Highlighting this milestone, Ecobank CEO Jeremy Awori emphasized the trust this accomplishment reflects in the bank’s Growth, Transformation, and Returns Strategy, saying: 
“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.”
Key Features of the Ecobank Eurobond
The Eurobond, which matures in October 2029, offers a competitive interest rate of 10.125%, payable semi-annually. Proceeds from the issuance will be allocated to general corporate purposes, including refinancing a $350 million Senior Bridge-to-Bond Loan Facility secured in March 2024.
Ecobank CFO Ayo Adepoju expressed gratitude to investors and partners who supported the transaction:
“We deeply value and appreciate the strong support from our Development Finance Institution partners… and look forward to continuing our engagement and working together to successfully execute our business strategy.”
Strategic Partnerships Strengthen the Offering
Major financial institutions, including Absa, Africa Finance Corporation, African Export-Import Bank, Mashreq, and Standard Chartered Bank, collaborated on the transaction, taking on roles as Joint Lead Managers and Joint Bookrunners. Additionally, Renaissance Capital Africa provided critical support by serving as the Financial Adviser.
Furthermore, Development Finance Institutions like Proparco and the Eastern and Southern African Trade and Development Bank contributed significantly by anchoring the deal, reinforcing confidence in its successful execution.
A Celebratory Moment at LSE
ETI executives, board members, and management opened the market at the London Stock Exchange to celebrate the historic occasion, further emphasizing a bright future for African financial markets on the global stage.
Moreover, the success of this Eurobond demonstrates the increasing confidence of global investors in Africa’s financial markets. As a result, this achievement sets a promising precedent for other African institutions seeking to access capital.
How do you think this milestone will shape future opportunities for African financial entities in the international market?
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