Access Bank Redeems $500m Eurobond at Maturity
Lagos, Nigeria - Access Bank Plc, the flagship banking subsidiary of Access Holdings Plc, has successfully redeemed its $500m senior unsecured Eurobond that matured on 21 September 2026. The bank confirmed that the repayment was funded entirely from its own foreign-currency liquidity, adhering to its asset-liability management framework and the maturity profile established when the bond was issued.
Background on Access Bank
- Access Bank is a leading banking institution in Nigeria, with a strong presence across Africa.
- It is a subsidiary of Access Holdings Plc, a diversified financial services conglomerate.
Eurobond Market in Nigeria
The redemption of Access Bank's $500m Eurobond marks a significant event in the Nigerian Eurobond market, which has been growing in recent years.
- Eurobonds are a popular financial instrument among Nigerian issuers, as they allow for international funding and diversification of funding sources.
- The Nigerian government has issued Eurobonds to raise funds for infrastructure development and other projects.
Eurobond Maturity and Redemption
The $500m senior unsecured Eurobond had reached its maturity date of 21 September 2026. By successfully redeeming the bond, Access Bank demonstrates its financial stability and strong liquidity position.
- Eurobonds are typically redeemed by paying back the principal amount to bondholders on the maturity date.
- A strong financial position allows issuers to repay debts and maintain investor confidence.
<small>Source: Punch Nigeria — read the original story there.</small>