Fidelity Bank Plc has redeemed its $400 million five-year senior unsecured Eurobond at maturity, fulfilling its principal and interest obligations to investors and reinforcing its record in the international debt capital markets.
The Eurobond, issued on October 28, 2021, matured on October 28, 2026, with an annual coupon rate of 7.625 per cent, payable semi-annually.
The bank said it met all scheduled coupon payments throughout the five-year period and has now completed the final repayment obligation, covering the principal and accrued interest in full.
According to the lender, the redemption was financed through internally generated liquidity as part of its proactive liquidity management strategy.
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It disclosed that a dedicated sinking fund was established to progressively provide for the maturing obligation, enabling it to meet the repayment without disrupting normal business operations or breaching applicable regulatory liquidity requirements.
Commenting on the development, the Managing Director of Fidelity Bank, Nneka Onyeali-Ikpe, said the successful redemption reflected the bank’s disciplined financial management and commitment to meeting its obligations to investors and other stakeholders.
“This successful redemption demonstrates the strength of our franchise, the discipline of our balance sheet management and our commitment to honouring our obligations to investors and other stakeholders,” she said.
Onyeali-Ikpe added that the bank anticipated the maturity from the outset and planned accordingly, describing the repayment as evidence of its approach to responsible financial management.
The redemption further strengthens Fidelity Bank’s presence in the international debt capital market.
The 2021 transaction was its third Eurobond issuance, following earlier offerings of $300 million in 2013 and $400 million in 2017.
The bank said the 2021 offer attracted investor orders exceeding $700 million, indicating strong demand for the debt instrument.
The repayment also follows the completion of Fidelity Bank’s recapitalisation programme ahead of the regulatory deadline.
The exercise raised its eligible regulatory capital to approximately ₦533 billion, above the ₦500 billion minimum capital requirement for banks with international authorisation.
Fidelity Bank said the milestones demonstrated its capital position, liquidity management and financial execution capacity, while reinforcing its ability to meet obligations and pursue growth opportunities across domestic and international markets.
