By Seun Ibiyemi
Access Bank Plc has fully redeemed its $500 million Senior Unsecured Eurobond, which matured on September 21, 2026, bringing to a close the bank’s five-year international debt issuance launched in 2021.
The development was disclosed in a statement signed by the Company Secretary of Access Holdings Plc, Sunday Ekwochi.
The Eurobond was issued in September 2021 under Access Bank’s Global Medium-Term Note Programme with a five-year tenor and a coupon rate of 6.125 per cent.
According to Access Holdings, the repayment was funded entirely from Access Bank’s own foreign-currency liquidity resources, in line with its asset-liability management strategy and the maturity profile established when the instrument was issued.
The bank said the maturity had been fully incorporated into its liquidity planning framework and would not adversely affect its operations or compliance with regulatory liquidity requirements.
Access Bank also disclosed that all semi-annual coupon payments due throughout the life of the Eurobond were made in full and on schedule.
The lender said the successful redemption reflected its liquidity position, balance sheet management and commitment to meeting its obligations to investors and other stakeholders.
Commenting on the development, the Managing Director and Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, said the repayment demonstrated the strength of the bank’s funding position and its approach to managing capital and liquidity.
“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.
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He added that meeting the maturity from the bank’s own balance sheet affirmed the strength of its funding position and the discipline with which it manages its capital and liquidity.
Access Bank had issued the $500 million Eurobond in 2021 as part of its efforts to maintain a diversified funding base and support its international growth strategy.
The transaction attracted significant interest from institutional investors across the United States, Europe, the Middle East, Asia and Africa.
According to the bank, the issuance generated a $1.6 billion order book, representing nearly three times the amount offered and, at the time, the largest investor demand recorded for a Nigerian bank Eurobond.
The transaction also achieved what was then the lowest outstanding coupon for a Nigerian bank Eurobond, reflecting strong investor demand for the instrument.
Access Bank said it would continue to focus on maintaining a diversified funding base, supporting sustainable growth and creating long-term value for customers, investors, regulators and other stakeholders across its markets.
