Access Bank to issue additional 5-year tier 1 Eurobond

ACCESS Bank Plc is set to issue additional 5-Year USD denominated Tier 1 Eurobond in furtherance of its Global Medium-Term Note Issuance Programme.

The bank with presence in 11 African countries, made the announcement on Friday in a circular published by the Nigerian Exchange Ltd (NGX).

To facilitate this, the tier-1 bank said it would organise a global investor call and series of fixed income investor calls.

The global investor call slated for 27th of September 2021, will be hosted by Citi, J.P. Morgan, Renaissance Capital and Mashreqbank (Joint Bookrunners of the deal) in collaboration with Chapel Hill Denham and Coronation Merchant Bank (Financial Advisers of the deal).

The announcement is coming a few weeks after the bank successfully launched a $500 million Unsecured Eurobond.

The offering achieved the lowest (outstanding) Nigerian bank Eurobond coupon, supported by an over 3x oversubscribed orderbook of over US$1.6bn.

This made it the largest order book ever for a Nigerian bank Eurobond transaction.

“Kindly note that this announcement is not being made in, and copies of it may not be distributed or sent into, the United States (except that it may be sent in the United States directly to qualified institutional buyers, as defined in the rule 144a under the U.S. Securities Act of 1933, as amended (the “Securities Act”), Canada, Australia, Japan, Nigeria or any other jurisdiction where to do so would be unlawful.”

The lender said the bond has not been and would not be registered under the Securities Act, and may not be offered or sold in the United States or to U.S. persons unless such securities are registered under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act.

The bank noted that it will not be liable for violation of Nigeria’s securities laws where a recipient forwards the announcement to persons resident in Nigeria.


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