Ecobank Nigeria, member of the Pan African Ecobank group, has successfully concluded a US$200 million bond issuance aimed at raising needed capital for its operations, with advisory services provided by the African Export-Import Bank (Afreximbank).
An Afreximbank statement made available to PANA here Tuesday said the publicly-placed coupon bonds, which were listed on the Irish Stock Exchange, was over-subscribed by investors.
In mandating Afreximbank to advise it on the bond issuance, Ecobank assigned the trade finance bank with the responsibility to assist in preparing documentation for the transaction as well as preparing Ecobank’s presentations to potential investors and arranging investor road shows.
Afreximbank was also tasked with the marketing and placement of the securities to be initially issued under the transaction.
“Afreximbank’s support for this transaction is part of our continuing effort at leveraging funds into Africa to finance trade activities,” said Afreximbank President Jean-Louis Ekra. “We remain fully committed to providing African financial institutions with much-needed access to the international financial market to enhance their capacity to support economic growth in Africa.”
The Cairo-based trade finance bank said Deutsche Bank and Standard Chartered Bank were the joint lead managers on the transaction, while Afreximbank, Ecobank Capital and Nedbank Capital served as co-lead managers.