Access Bank issues tier II N30bn local bond

Access Bank Plc has further strengthened its funding base with a successful issuance of a tier II N30 billion fixed rate subordinated unsecured bond which was over subscribed.

According to a statement issued by the bank, the oversubscription of the bond is an indication of investors’ confidence in the institution. The bond has a maturity of seven years and is callable after five years.

The issuing houses were Chapel Hill Denham Advisory Limited, as the mandated lead issuing house and Coronation Merchant Bank Limited and First-Ally Capital Limited, being the mandated joint issuing houses.

Commenting on the bond, Herbert Wigwe, the group managing director/CEO, Access Bank, was quoted to have said: “We are a Bank with a rigorous and disciplined capital plan and the action taken today is in line with our 5-year strategic plan.

“This is to ensure a strong capital buffer at all times and support our low risk appetite. Following the merger, we identified some synergies and combined with this issue, we are confident of our capacity to attain the next level of being a more efficient bank.”

Currently, Access Bank is the number one bank in Africa by customer base with integrated global franchise, strategically developing its presence in key African markets and enhancing collaboration in global financial gateways including London, New York, Asia and the Middle East.

The bank is also consolidating its trade hubs in India, Dubai and China, positioning to be Africa’s Gateway to the world.