DailyrecordNg …Nigeria's hottest news blog
Related Articles
Ecobank Transnational Incorporated (ETI) has successfully priced its $400m 10.125 per cent notes, which are set to mature on October 15, 2029. Interest payments on the notes will be made semi-annually, on April 15 and October 15 each year, with the first payment commencing on April 15, 2025.
This information was disclosed in a company notice to the Nigerian Exchange Limited (NGX), seen .
In the statement, signed by the Group Chief Financial Officer, Ayo Adepoju, ETI stated that the net proceeds from the issuance will be allocated for general corporate purposes, including the refinancing of the $350m Senior Bridge-to-Bond Loan Facility secured in March 2024.
Adepoju said, “We are pleased to announce the successful pricing of our $400m senior unsecured notes issuance. This is ETI’s third issuance on the international bond markets and the first public Eurobond issuance by a financial institution in Sub-Saharan African since 2021
“The transaction was well-received with solid demand from International and African investors achieving a final orderbook oversubscription rate, reflecting the trust and confidence investors have in Ecobank’s Growth Transformation and Returns Strategy.
“We are thankful for the support and partnership from Absa, Africa Finance Corporation, African Export-Import Bank, Mashreq, and Standard Chartered Bank, who acted as Joint Lead Managers and Joint Bookrunners, and Renaissance Capital Africa, who served as the Financial Adviser for the transaction. We deeply value and appreciate the strong support from our Development Finance Institution partners, including the Africa Finance Corporation, PROPARCO, and the Eastern and Southern African Trade and Development Bank, who helped anchor the transaction.”
We thank our bond investors for their ongoing support of ETI and look forward to continuing our engagement and working together to successfully execute our business strategy.”
The earnings of Ecobank Transnational Incorporated (ETI), a pan-African banking group, rose to the highest in at least nine years of N311bn in the first half of 2024, about 196 per cent growth from N105bn reported in the same period of 2023.
According to the company’s latest financial statement released on Nigerian Exchange Limited (NGX)., the group’s gross earnings stood at N1.78bn in H1 2024, a growth of 179 per cent.
The CEO of Ecobank Group, Jeremy Awori in a statement said, “Our half-year results demonstrate the strength of our diversified business model. Despite facing macroeconomic challenges in some of our operating markets, the company increased its net revenues to $994bn and its profit before tax by five per cent to $324m.
“Excluding the impact of foreign currency translation due to US dollar strength, the profit before tax increased by 23 per cent.
The return on tangible shareholder’s equity (ROTE) was 34.7 per cent, compared to 27 per cent in the previous year.”
“Our results also highlighted the significant progress made in our GTR strategy, with double-digit revenue growth in constant currency across all our businesses – 14 per cent, 23 per cent, and 25 per cent in Corporate and Investment Banking, Commercial Banking and Consumer Banking, respectively. We gained share in trade services and observed increased client activity in wholesale payments and cards,” Awori said.
THE WHISTLER
