In a bid to raise medium-term funding which will enhance its capacity and support its general banking activities, Access Bank Plc has sold $500 million Eurobond. 
This was revealed in a statement released by the bank to the Nigerian Exchange Limited and the investing public. The bank also revealed in the statement that the Eurobond has been oversubscribed by more than 200 percent.
The bank added that the five-year unsecured note (144A/RegS) was oversubscribed by 200 percent at $1.6bn on its order book.
The company’s secretary, Sunday Ekwochi, indicated in a statement that the 144A/RegS Additional Tier 1 Eurobond was priced at a 9.125 percent yield with the coupons peaking over $1bn.
Access further stated that the Eurobond which was issued under the bank’s medium-term note programme is a Basel III compliant Perpetual Non-Call 5.25-year subscribed note to be listed on the London Stock Exchange.
The group Managing Director of the bank, Herbert Wigwe, added that the transaction had significantly enhanced Access Bank’s tier 1 and total capital ratios, and also provided significant room for growth and execution of its strategic objectives.
He further stated that the CBN’s current monthly intervention in the foreign exchange market is likely below $1.8 billion, which is 1.7x lower than the average for Q1’20 (pre-pandemic level).