Access Bank Plc is ready to issue the first Eurobond from Nigeria in almost two years after selecting banks to arrange a new deal.
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Nigeria's fourth-largest lender by assets will meet investors in the United States and Europe from Tuesday through October 3rd, and plans to sell five-year debsetups Chief Executive Officer.
It will be for working capital, lending to investment-grade names, including Nigerian companies seeking for expansion of their exports.
But the amount intended to be raised by Access Bank was not mentioned.
It would be the first Eurobond out of Nigeria since October 2014, when oil company Seven Energy Finance Limited issued $300 million of securities. That year, Nigerian companies and banks including Access Bank, Zenith Bank Plc and FBN Holdings Plc sold $2.55 billion of dollar debt. The Nigerian government, which is planning to raise $1 billion this year, last tapped the Eurobond market in 2013.
Access Bank, which has $12 billion of assets, has two deals outstanding; one of $350 million due in July next year and another of $400 million maturing in June 2021.
No response yet.