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Zenith Bank, one of Nigeria’s largest banks, has announced that its $500 million Eurobond was oversubscribed by over 300 percent, according to a statement released over the weekend.

The Nigerian lender said the five-year Eurobond received over $2.1 billion worth of orders from investors on the Irish Stock Exchange. The bond has a coupon rate of 7.375 percent and is due in 2022.

“The oversubscription indicates a huge endorsement of the Zenith brand as a reputable, international financial institution recognized for superior performance and creating premium value for all stakeholders,” the bank said, adding that the proceeds of the bond will be used for general banking purposes.

Zenith Bank said the Eurobond is the second tranche of its $1 billion Global Medium Term notes launched in 2014.  The bank has already raised a first tranche of $500 million due in April in 2019.

About 200 investors subscribed to the Eurobond from around the world, including in Hong Kong, China, Singapore, Europe and the United States of America.

In its 2016 financial results, Zenith reported that after-tax profit rose by 23 percent year-on-year to N129.65 billion while gross earnings rose 17 percent to N508 billion. The bank also said NPL ratio rose to 3 percent from 2.2 percent in 2015.

Zenith Bank has over 500 branches in Nigeria as well as subsidiaries in Gambia, Ghana, Sierra Leone, and the United Kingdom. The bank also has representative offices in South Africa and China. As of December 2016, Zenith Bank’s total assets reached N4.74 trillion.