Access Bank’s Oversubscribed $500 Million Bond May Help Strengthen Exchange Rate

 

Access Bank’s oversubscribed $500 million bond may help strengthen exchange rates

Access Bank Plc has successfully launched a $500 million Unsecured Eurobond, as part of its Global Medium-Term Note Programme.

 

The deal drew huge interest from top-grade investors globally, including the United States, Europe, the Middle East, Asia, and Africa, according to a notification signed by the company’s secretary, Sunday Ekwochi, and made public on Nigerian Exchange Limited’s (NGX) website.

The sale achieved the lowest (outstanding) Nigerian bank Eurobond coupon, backed by a $1.6 billion orderbook that was nearly 3x oversubscribed, making it the highest orderbook for a Nigerian bank Eurobond transaction ever.