Business
Access Bank’s $500m Eurobond Oversubscribed By 200%
Access Bank Plc announced to investors and the Nigerian Exchange Limited that it successfully priced $500m Eurobond which was over-subscribed by more than 200 per cent on its order book.
In a statement signed by its Company Secretary, Sunday Ekwochi, the bank revealed that the 144A/Reg S Additional Tier 1 Eurobond was priced at a 9.125 per cent yield with the coupons peaking over $1bn.
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 eurobond may be called anytime from October 7, 2026, subject to conditions including the Central Bank of Nigeria’s approval, Access Bank said.
Access Bank’s $500m Eurobond Oversubscribed By 200%
The Group Managing Director, bank, Dr Herbert Wigwe, said that the transaction significantly enhanced Access Bank’s tier 1 and total capital ratios, and provided significant room for growth and execution of its strategic objectives.
“This issuance on the back of our recently concluded $500m senior Eurobond, underscores the formidable confidence of a diversified range of global and local investors in the Access Bank strategy,” he said.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
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