Access Bank to Issue Another Tier 1 Eurobond

Access Bank Plc, a Nigerian leading commercial bank with operations in 11 African nations, on Friday announced plans to issue an additional Basel III-based perpetual Non-Call 5.25-year benchmark USD-denominated Regulation S/144A Tier 1 bond under the lender’s $1.5 million Global Medium-Term Note Programme.

To ensure success of the Eurobond, Access Bank appointed Citi, J.P. Morgan, Renaissance Capital and Mashreqbank as Joint Bookrunners while Chapel Hill Denham and Coronation Merchant Bank were were appointed as Financial Advisers and Join Bookrunners to arrange a global invetsors call on September 27, 2021 at 2 PM UKT/9 AM NYT.

It would be recalled that Access Bank successfully offered $500 million Senior Unsecured Eurobond under its Global Medium-Term Note Programme on September 13, 2021 and received $1.6 billion bids from global investors. The largest orderbook by a Nigerian bank Eurobond transaction.

Despite tough operating environment and COVID-19 distruption, Access Bank has proven to be one of the most successful banks in Nigeria. The lender grew profit after tax by 42.43 percent in the first half of 2021 to N86.9 billion and paid an interim dividend of N10.6 billion to shareholders.

One of the reasons both local and foreign investors have continue to believe in the growing bank.