Ecobank Transnational Incorporated formally opens the market at the London Stock Exchange after successfully listing its US$350 million Sustainability Bond on the LSE
This represents the first ever Tier 2 Sustainability Notes by a financial institution in Sub-Saharan Africa
The strong global interest in our issuance reflects investors’ confidence in Ecobank’s strategy and our commitment to sustainable financing
Ecobank Transnational Incorporated (“ETI”), the Lomé based parent company of the Ecobank Group (www.Ecobank.com), was hosted today by the London Stock Exchange for a market opening virtual ceremony to celebrate the successful listing of the Tier 2 Sustainability Notes on the London Stock Exchange (LSE) main market. This represents the first ever Tier 2 Sustainability Notes by a financial institution in Sub-Saharan Africa.
This Tier 2 issuance is the first to have a Basel III-compliant 10NC5 structure outside of South Africa in 144A/RegS format and is now listed on the main market of the London Stock Exchange. The bond, which matures in June 2031, has a call option in June 2026 and was issued with a coupon of 8.75% with interest payable semi-annually in arrears.
An equivalent amount of the net proceeds from the notes will be used by ETI to finance or re-finance, new or existing eligible assets as described in ETI's Sustainable Finance Framework, available at https://bit.ly/3j4xrlb on which DNV issued a Second Party Opinion.
Investor interest for this Sophomore Eurobond issue was global, including United Kingdom, United States, Europe, the Middle East, Asia and Africa, achieving a 3.6x oversubscribed orderbook, of over US$1.3 billion at its peak.
Ade Ayeyemi, Group Chief Executive Officer of ETI, stated: “The strong global interest in our issuance reflects investors’ confidence in Ecobank’s strategy and our commitment to sustainable financing. We thank the LSE for hosting ETI today and look forward to value creation for all our stakeholders. ”.
The Joint Lead Managers & Bookrunners in the transaction were Citi, Mashreq, Renaissance Capital and Standard Chartered Bank.
Distributed by APO Group on behalf of Ecobank.
Group Head, Corporate Communications/ Chief of Staff to the Group Chief Executive Officer
Tel: +228 22 21 03 03
About Ecobank Transnational Incorporated (‘ETI’ or ‘The Group’):
Ecobank Transnational Incorporated (‘ETI’) is the parent company of the Ecobank Group, the leading independent pan-African banking group. The Ecobank Group employs over 14,000 people and serves about 29 million customers in the consumer, commercial and corporate banking sectors across 33 African countries. The Group has a banking license in France and representative offices in Addis Ababa, Ethiopia; Johannesburg, South Africa; Beijing, China; London, the UK and Dubai, the United Arab Emirates. The Group offers a full suite of banking products, services and solutions including bank and deposit accounts, loans, cash management, advisory, trade, securities, wealth and asset management. ETI is listed on the Nigerian Stock Exchanges in Lagos, the Ghana Stock Exchange in Accra, and the Bourse Régionale des Valeurs Mobilières in Abidjan. For further information please visit www.Ecobank.com