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Wednesday, 31 July 2019 00:00

Access Bank issues N30b Tier-2 Bond

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Access Bank has issued N30 billion Tier-2 N30 Fixed Rate Subordinated Unsecured Bond. The issuance is to further strengthen its funding base and create more value for investors.

The bond was oversubscribed, which further buttressed the confidence investors repose in the bank. The bond will mature in seven years and is callable after five years.

The issuing houses are Chapel Hill Denham Advisory Limited, being the mandated lead issuing house and Coronation Merchant Bank Limited and First-Ally Capital Limited, being the mandated joint issuing house.

Commenting on the bond, the bank’s Group Managing Director/CEO, Herbert Wigwe, said: “We are a bank with a rigorous and disciplined capital plan and the action taken today is in line with our 5-year strategic plan. This is to ensure a strong capital buffer at all times and support our low risk appetite. Following the merger, we identified some synergies and combined with this issue, we are confident of our capacity to attain the next level of being a more efficient bank.”

Access Bank is the number one bank in Africa by customer base with integrated global franchise, strategically developing its presence in key African markets and enhancing collaboration in global financial gateways including London, New York, Asia and the Middle East.

The Bank is also consolidating its trade hubs in India, Dubai and China, positioning to be Africa’s gateway to the world.

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