Access Bank Plc is set to issue the first Eurobond from Nigeria in almost two years after selecting banks to facilitate a new deal.
The lender will meet investors in the United States and Europe from Tuesday, September 27, through October 3rd, and plans to sell five-year debt setups.
The Chief Executive Officer of the bank Herbert Wigwe, who revealed this to Bloomberg, stated that Barclays Plc, Citigroup Incorporated and JPMorgan Chase & Co would arrange the deal.
He said:“It will be for working capital, for lending to investment-grade names,” including Nigerian companies seeking to expand their exports, Wigwe said. He however didn’t say how much Access Bank intends to raise.
It would be the first Eurobond out of Nigeria since October 2014, when oil company Seven Energy Finance Limited issued $300 million of securities.
That year, Nigerian companies and banks including Access Bank, Zenith Bank Plc and FBN Holdings Plc sold $2.55 billion of dollar debt. The Nigerian government, which is planning to raise $1 billion this year, last tapped the Eurobond market in 2013.
Access Bank, which is Nigeria’s fourth-largest bank by assets, has $12 billion of assets, has two deals outstanding; one of $350 million due in July next year and another of $400 million maturing in June 2021.
