In a statement, Ecobank Group revealed that the bond was oversubscribed by more than 2.1 times, reflecting strong investor confidence in the institution's financial growth and strategy.
The issuance marks a major milestone for ETI, as it is the first public Eurobond issuance by a financial institution in sub-Saharan Africa since 2021.
The bonds, also known as notes, will mature in October 2029 and offer an interest rate of 10.125%, payable semi-annually in arrears to the investors who have lent Ecobank $400 million.
Jeremy Awori, CEO of Ecobank Group, emphasized the importance of the bond's success, saying, 'Our successful Notes issuance demonstrates how Ecobank is blazing the trail for sub-Saharan African financial institutions and corporates in accessing the international capital markets.'
The CEO added that the strong demand for the bond from both international and African investors is a testament to the growing trust in Ecobank's 'Growth, Transformation, and Returns Strategy'.
The net proceeds from the bond will be used for general corporate purposes, including refinancing a $350 million Senior Bridge-to-Bond Loan Facility secured earlier in the year. This move is expected to further enhance Ecobank's financial position and support its strategic initiatives.
Ayo Adepoju, the Group's Chief Financial Officer, thanked the bank's partners, including Absa, Africa Finance Corporation, and Standard Chartered Bank, who acted as Joint Lead Managers and Bookrunners for the bond issuance.
'We deeply value and appreciate the strong support from our Development Finance Institution partners and bond investors,' he said.
With a presence in 35 African countries and a growing international footprint, Ecobank's latest bond issuance strengthens its position in the global capital markets and supports its long-term growth objectives.
The market opening ceremony at the LSE was attended by members of the ETI board and management, celebrating a key achievement in Ecobank's ongoing expansion and commitment to African financial growth.
Wycliffe Nyamasege
