Corporate Green Bond: Access Bank to Issue First in Africa

• Corporate Green Bond: Access Bank to Issue First in Africa

Access Bank Plc has announced it will issue the first corporate green bond in Africa.

The lender said the Securities and Exchange Commission had given it approval for its bookbuild.

In a statement released on Thursday, the bank said the bookbuild which commenced on Thursday would be concluded in exactly one week, after which the funding of commitment would begin on March 1, 2019.

“The bond, a five-year fixed rate senior unsecured green bond of up to N15bn is the first ever climate bonds standard certified corporate green bond to be issued in Africa. It has been awarded a B2 rating by Moody’s and verified by PwC (UK),” the bank said.

Reacting to the approval, Herbert Wigwe, the Group Managing Director, said it is a step in the right direction, saying it lent credence to the process.

He stated, “With over a decade’s experience leading sustainability in the Nigerian financial sector, we believe that the issuance of this bond will create a path to financing Nigeria’s climate change objectives and also unlock the country’s economic growth potential.”