Deals
Ecobank Breaks 18-Month Nigerian Hiatus by Selling Eurobonds
- Yield ranks among the higest from emerging markets in 2019
- Attracts strong demand from DFIs and financial institutions
A customer uses an Ecobank Transnational automated teller machine.
Photographer: Adrienne Surprenant/BloombergThis article is for subscribers only.
Ecobank Transnational Inc. sold $450 million of Eurobonds Thursday at yields that rank among the highest from emerging markets this year, the first debt sale from a lender with shares listed on the Nigerian stock exchange in 18 months.
One of Africa’s most geographically diverse banks issued five-year senior unsecured notes priced at 9.75 percent, Renaissance Capital, one of the arrangers, said in a statement. The funding will help the lender to meet its general corporate obligations, including the refinancing of a portion of debt it owes banks.