ETI successfully raises $350m bond | Newspot



    Ecobank Transnational Incorporated (ETI) has announced that it has successfully raised $350 million tier two bond. This represents the first-ever tier two sustainability notes by a financial institution in Sub-Saharan Africa.

    The bond, which matures in June 2031, has a call option in June 2026 and was issued with a coupon of 8.75 per cent with interest payable semi-annually in arrears.

    An equivalent amount of the net proceeds from the notes will be used by ETI to finance or refinance new or existing eligible assets as described in ETI’s sustainable finance framework.

    The transaction was anchored at the start by Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), a Dutch development bank, with a commitment of $50 million order.

    Group Chief Executive Officer of ETI, Ade Ayeyemi said: “This is a landmark issue for Ecobank, and indeed the success of this first sustainable tier 2 issuance is testament to our clear strategy, solid positioning across the pan-African banking space as well as our deliberate and long-term focus on sustainable initiatives.

    “We are particularly pleased with the diverse order book which reflects the confidence investors have in Ecobank to deliver on our commitment to sustainable financing”.


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