Fidelity Bank swaps $400 million worth of Eurobond notes


fidelity bank plc announced on Monday the redemption of $400 million Eurobond notes due October 17.

Mister Meksley NwagbohFidelity Bank’s Division Head, Brand and Communications, said this in a statement on Monday in lakes.

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On October 17, 2017, the bank successfully issued a five-year Eurobond for $400 million.

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The statement said the transaction also included a tender offer for the refinancing of the bank’s $300 million senior unsecured notes issued in May 2018.
“The transaction is the largest combined liability management and new issue offering ever made by a Nigerian issuer and is well received by analysts and investors.

“The transaction, which is managed by Citigroup Incorporated, Renaissance Capital and Standard Bank Group Ltd., achieved an oversubscribed order book of $630 million.

“At the final maturity of the Eurobond, noteholders received a total of $421 million covering six months’ accrued principal and coupon amount in line with executed Trust Deeds,” it said.

Mrs Nneka Onyeali-IkpeFidelity Bank’s Managing Director said, “The sell-off of the notes despite strong headwinds in the domestic economy, especially when viewed in the context of dollar scarcity, is a testament to the strong liquidity position of the bank and the strength of our balance sheet.

According to its interim audited result for mid-2022, the bank reported strong financial ratios with a capital base of N3.7 trillion, profit before tac of N25 billion and a return on capital of 15 .4 percent, which demonstrates the efficient management of the bank’s assets.

The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards in recognition of its commitment to product innovation and strong corporate governance.

It also won the 2022 Platinum Award from the Nigerian Development Bank for its leading role in disbursing loans to specific sectors.

The bank was recognized as the “Fastest Growing Bank” of 2021 in Nigeria and “MSMEs & Entrepreneurship Financing Bank of the Year” at BusinessDay 2021 Banks and Other Financial Institutions (BAFI) Awards.

News sourceCredit: YAYA

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