Access Bank Issues Tier II N30 billion Local Bond - FinancialEDGE

To further strengthen its funding base, Access Bank Plc at the weekend announced that it has successfully issued a Tier II N30 billion fixed rate subordinated unsecured bond. The bond was oversubscribed, which according to a statement from the bank, further buttressed the confidence investors reposed in it.

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 House.

Commenting on the bond, the Group Managing Director/CEO, Access Bank, Herbert Wigwe 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.”