One Week After Raising $1.6bn, Access Bank To Issue Additional Tier 1 Eurobond

Nigeria’s biggest bank by asset, Access Bank Plc has announced that it will issue an additional 5-year Tier 1 Eurobond to investors.

The first-tier bank announced this on Friday in a circular published by the Nigerian Exchange Ltd.

The announcement is coming a few weeks after the bank successfully launched a $500 million Unsecured Eurobond.

The offering achieved the lowest (outstanding) Nigerian bank Eurobond coupon, supported by an over 3x oversubscribed orderbook of over US$1.6bn.

This made it the largest order book ever for a Nigerian bank Eurobond transaction.

The new bond which is United States dollars denominated is under the Bank’s Global Medium-Term Note Programme.

Access said it has “mandated Citi, J.P. Morgan, Renaissance Capital and Mashreqbank as Joint Bookrunners and Chapel Hill Denham and Coronation Merchant Bank as Financial Advisers and Joint Bookrunners to arrange a global investor call on 27 September 2021 at 2 PM UKT / 9 AM NYT in addition to a series of fixed income investor calls.

“Kindly note that this announcement is not being made in, and copies of it may not be distributed or sent into, the United States (except that it may be sent in the United States directly to qualified institutional buyers, as defined in the rule 144a under the U.S. Securities Act of 1933, as amended (the “Securities Act”), Canada, Australia, Japan, Nigeria or any other jurisdiction where to do so would be unlawful.”

The lender said the bond has not been and would not be registered under the Securities Act, and may not be offered or sold in the United States or to U.S. persons unless such securities are registered under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act.

The bank noted that it will not be liable for violation of Nigeria’s securities laws where a recipient forwards the announcement to persons resident in Nigeria.