Ecobank to Raise US$300 Million Through Fixed Rate Reset Tier 2 Sustainability Notes

Ecobank to Raise US$300 Million Through Fixed Rate Reset Tier 2 Sustainability Notes

Ecobank Transnational Incorporated (“ETI”), the parent company of Ecobank Group, has announced plans to raise US$300 million from the international debt capital markets through the issuance of Tier 2 qualifying sustainability Notes pursuant to the United States Securities and Exchange Commission Rule 144A and Regulation S (the “Notes”).

The leading financial institution listed on the Nigerian Exchange Limited, the Ghana Stock Exchange and the Bourse Régionale des Valeurs Mobilières (the “Stock Exchanges”) planned to use the next proceeds of the not to finance or refinance new or existing eligible assets in line with ETI’s Sustainable Finance Framework.

The bank disclosed this in a statement signed by Adenike Laoye , Group Head, Corporate Communications/ Chief of Staff to the Group Chief Executive Officer.

The statement read in part, “An equivalent amount of the net proceeds of the Notes will be used to finance or re-finance, in part or in full, new or existing eligible assets in accordance with ETI’s Sustainable Finance Framework.

“In view of the foregoing, ETI is pleased to notify the Stock Exchanges of the proposed launch of the Notes. ETI intends to list the Notes on the London Stock Exchange, with the expectation that the Notes will be traded on its regulated market.

“It should be noted that the issuance of the Notes (the “Transaction”) is subject to prevailing market conditions and the conclusion of the necessary Transaction documentation.”
Nigerian Exchange Limited (NGX or The Exchange) is pleased to announce that it has received approval for seven derivatives contracts from the Securities and Exchange Commission (SEC) on Monday, 28 June 2021.

The approved contracts are Access Bank Plc Stock Futures, Dangote Cement Plc Stock Futures, Guaranty Trust Bank Plc Stock Futures, MTN Nigeria Communications Plc Stock Futures, Zenith Bank Plc Stock Futures, NGX 30 Index Futures, and NGX Pension Index Futures.

This announcement follows the successful registration of NG Clearing by SEC, as a premier Central Counterparty, effective 7 June 2021. With these approvals, NGX is inching closer to launch West Africa’s first Exchange Traded Derivatives supported by NG Clearing in the risk management process.

Ahead of the launch of derivatives, the Chief Executive Officer, NGX, Mr. Temi Popoola, CFA, noted that “The launch of the derivatives market aligns with our commitment to building a market that thrives on innovation and responds to the needs of stakeholders in accessing and using capital. We are, therefore, excited about the […]

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