Access Bank Clears $500m Eurobond, Assures Investors

Access Bank Plc has fully repaid its $500 million Senior Unsecured Eurobond, assuring investors of the strength of its funding and liquidity position.

The bond matured on September 21, 2026, marking the completion of the bank’s five-year international debt issuance launched in 2021.

Access Holdings Company Secretary, Sunday Ekwochi, disclosed the repayment in a statement.

The bank issued the Eurobond in September 2021 under its Global Medium-Term Note Programme.

The five-year instrument carried a coupon rate of 6.125 per cent.

Access Bank funded the repayment entirely from its foreign-currency liquidity resources.

According to the bank, the maturity had been incorporated into its liquidity planning as part of its asset-liability management strategy.

It said the repayment would not adversely affect its operations or its ability to meet regulatory liquidity requirements.

The lender also confirmed that it paid all semi-annual coupon obligations in full and on schedule throughout the life of the bond.

Managing Director and Chief Executive Officer of Access Bank, Roosevelt Ogbonna, said the repayment demonstrated the bank’s strong funding position and disciplined balance sheet management.

“This redemption reflects the strength of Access Bank’s franchise, the discipline of our balance sheet management, and our continued commitment to meeting obligations to investors and stakeholders in a timely and transparent manner,” Ogbonna said.

He added that settling the maturity from the bank’s own balance sheet further demonstrated its funding strength and liquidity discipline.

The Eurobond formed part of Access Bank’s strategy to diversify its funding sources and support its international expansion.

The transaction attracted institutional investors from the United States, Europe, the Middle East, Asia and Africa.

It generated a $1.6 billion order book, almost three times the $500 million offered by the bank.

At the time of issuance, Access Bank said the transaction recorded the largest investor order book for a Nigerian bank Eurobond.

The bond also carried the lowest outstanding coupon at the time among Nigerian bank Eurobonds.

Access Bank said it would continue to maintain a diversified funding base as it pursues sustainable growth across its markets.

The bank said the strategy would also support long-term value creation for its customers, investors, regulators and other stakeholders.