Access Bank plc has released a bond prospectus on the Irish Stock Exchange indicating its plans to raise a total of $1bn under its Global Medium Term Note Programme.
The amount to be borrowed in this series was however yet to be announced. The Access Bank currently had two series of Eurobonds-the 7.25per cent July 2017 ($350m) and the 9.25 per cent JUN 2021 ($400m).
It would be the first Eurobond out of Nigeria since October 2014, when oil company Seven Energy Finance Limited issued $300 million of securities.
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.
