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Ecobank Transnational Incorporated (ETI) on 20 November 2024 opened the market at the London Stock Exchange to celebrate the successful issuance of its $400 million Senior Unsecured Eurobond on the LSE main market.

The notes, which will mature in October 2029, has an interest rate of 10.125%, payable semi-annually in arrears.

“Our successful Notes issuance demonstrates how Ecobank is blasing the trail for sub-Saharan African financial institutions and corporates in accessing the international capital markets,” said Jeremy Awori, CEO, Ecobank Group.

According to the CEO, the notes are ETI’s third issuance on the international bond markets and the first public Eurobond issuance by a financial institution in sub-Saharan Africa since 2021.

“With the bond more than 2.1 times oversubscribed, the strong demand demonstrates international and African investors approval and trust in the progress of our Growth, Transformation and Returns Strategy,” said Mr. Awori.

ETI said it will use the net proceeds from the issuance for general corporate purposes, including refinancing the $350 million Senior Bridge-to-Bond Loan Facility entered into in March 2024.