Nigerian Access Bank to issue Eurobonds next week

By Chijioke Ohuocha

ABUJA, September 9 (Reuters)Access bank ACCESS.LG, Nigeria’s largest lender, expects to problema dollar-denominated bond next week after a series of investor meetings this week, subject to market conditions, the bank said Thursday.

Access Bank seeks to issue senior five-year unsecured bond and asked Absa, Barclays, JP Morgan and Standard Chartered Bank to organize investor meetings as joint bookkeepers with Chapel Hill Denham and Rand Merchant Bank as financial advisers.

Size and yield of the Access Bank obligation will be determined on demand, the bank told an investor call.

Nigeria’s leading lender, present in 11 African countries, is rated B2- by Moody’s and B (stable) by Fitch. It has a $ 400 million Eurobond with a 9.25% coupon due 2021.

Its announcement precedes the Nigerian Eurobond issue slated for October.

Access Bank has launched an expansion strategy in Africa to counter stagflation and dollar shortages in the country that have frustrated businesses and squeezed the loan market after finalizing the acquisition of rival Diamond Bank.

(Reporting by Chijioke Ohuocha; Editing by Edmund Blair and Mark Porter)

(([email protected]; +234 703 4180 621; Reuters messaging: [email protected]))

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