Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Ecobank’s Nigeria Unit Sells $200 Million in Notes for Capital

Aug. 7 (Bloomberg) -- Ecobank Transnational Inc.’s unit in Nigeria sold $200 million of dated subordinated notes due in 2021 to join lenders in Africa’s largest economy raising funds through debt sales.

The issuance has a yield of 9 percent and a coupon of 8.75 percent, according to information from a person with knowledge of the offering, who asked not to be identified because they weren’t authorized to speak publicly. Deutsche Bank AG and Standard Chartered Plc were the lead managers.

The notes are expected to be eligible as Tier 2 capital by the Central Bank of Nigeria, according to the person. Austin Osokpo, a spokesman for Ecobank, didn’t immediately respond to questions he requested be sent by e-mail. Access Bank Plc sold $400 million of subordinated notes in June with the yield falling 80 basis points since they were issued to 8.7 percent by 2:46 p.m. in Lagos. First Bank of Nigeria sold $450 million of bonds on July 18.

The banks are raising money to help fund power, oil exploration and manufacturing projects in Nigeria, Africa’s biggest crude producer. Ecobank Transnational, a lender based in the Togolese capital of Lome that operates in 36 African countries, said net income rose 15 percent to $194 million for the six months through June.

The stock rose 4.6 percent to 18.33 naira as of 3:01 p.m. in Lagos, adding to its 13 percent advance this year. The 195-member Nigerian Stock Exchange All Share Index has gained 3.1 percent in 2014. Ecobank’s Nigeria unit isn’t listed on the bourse.

To contact the reporters on this story: Emele Onu in Lagos at; Lyubov Pronina in London at

To contact the editors responsible for this story: Vernon Wessels at Emily Bowers, Dulue Mbachu

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.