London Stock Exchange welcomes Ecobank, the Pan African Bank
London Stock Exchange (LSE) has welcomed Ecobank Transnational Incorporated, (‘ETI’) - the Lomé-based parent company of the Ecobank Group - to a market opening ceremony to celebrate its inaugural bond issuance on the LSE main market.
The $500 million, five-year senior unsecured notes, which mature in April 2024, were launched with a coupon interest rate of 9.50 percent per annum payable semi-annually in arrears. The bond is the first time that ETI has accessed the LSE main market. It follows on from Ecobank’s 2017 convertible bond issuance on the International Securities Market.
The bond, which was arranged by Deutsche Bank, Renaissance Capital, Standard Bank and Standard Chartered, is the latest milestone for Ecobank as it grows its Pan-African initiatives and finance solutions. It was oversubscribed and attracted international interest from investors in the United Kingdom, United States, Europe, Middle East, Asia and Africa. ETI will use the net proceeds of the placement for general corporate purposes including the refinancing of maturing debt facilities.
Ade Ayeyemi, Ecobank’s Group CEO said: “The successful issuance of our inaugural Eurobond on the main London market demonstrates international investors’ approval and confidence in Ecobank’s long-term strategy and prospects as a strong and sustainable Pan-African financial services institution. It also demonstrates the ability of African corporates to access international capital markets.”
He continued: “We are very proud to be here at the London Stock Exchange for this important chapter in Ecobank’s history. This is a significant achievement which will enable us to consolidate our position and further boost our brand as the leading Pan-African bank.”