ECOBANK Transnational Incorporated (ETI), the parent company of the Ecobank Group, has successfully raised $350 million green bonds to investors. The 10-year sustainability bonds were issued to investors from various parts of the globe at a coupon rate of 8.75 per cent to be paid semi-annually in arrears and have a call option of June 2026. According to a statement issued by Ecobank, the tier 2 sustainability papers represent the first ever to be issued by a financial institution in Sub-Saharan Africa.
“Investor interest for this sophomore Eurobond issue was global, including the United Kingdom, the United States, Europe, the Middle East, Asia and Africa, achieving a 3.6x oversubscribed order book of over $1.3 billion at its peak,” the notice disclosed.
The lender said an equivalent amount of the net proceeds from the notes will be used to finance or refinance new or existing eligible assets as described in the bank’s Sustainable Finance Framework.
“This is a landmark issue for Ecobank, and indeed the success of this first Sustainable tier 2 issuance is testament to our clear strategy, solid positioning across the panAfrican banking space as well as our deliberate and long term focus on sustainable initiatives.
“We are particularly pleased with the diverse order book which reflects the confidence investors have in Ecobank to deliver on our commitment to sustainable financing,” Ade Ayeyemi, Group Chief Executive Officer of Ecobank said.
The joint lead managers and book runners for the bond sale were Citi, Mashreq, Renaissance Capital and Standard Chartered Bank. The exercise was anchored at the start by Nederlandse FinancieringsMaatschappij voor Ontwikkelingslanden N.V., a Dutch development bank, with a committed $50 million order.
The notes saw significant demand from asset managers from Europe on opening (including the UK) demonstrated by a number of large tickets.
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