UBA’s $500m Eurobond 240% Over Subscribed
United Bank for Africa says it has successfully raised 500 million dollars though a Debut Euro Bond, which was oversubscribed by 240 percent.
The bond which is rated ”B” with a stable outlook by both Fitch and S&P rating agencies will mature in June 2022 with a coupon rate of 7.75 percent, priced at an effective yield of 7.87 percent.
This pricing was seen by the global investor community as the best possible pricing for a debut issue from a Nigerian-based financial institution in the international market.
Speaking on the Eurobond, the Group Managing Director/CEO of UBA, Mr Kennedy Uzoka, said the successful dollar-denominated offering further illustrates global investor confidence in the strong fundamentals of the company.