EcoBank Transnational Incorporated has managed to raise 400 million USD on the international capital market, with an interest rate set at 10.125%, according to a statement to the Nigerian Exchange (NGX) Limited on Thursday 10 October.

The bonds, whose interest will be payable semi-annually from April 2025, have generated strong demand, with an order book oversubscribed by more than 2.1 times, the pan-African bank said. The operation was led by a consortium of banks, including Absa, Africa Finance Corporation, Afreximbank, Mashreq, and Standard Chartered, acting as lead banks. Renaissance Capital Africa acted as financial advisor, with the involvement of development finance institutions, including Africa Finance Corporation, Proparco and the East and Southern Africa Trade and Development Bank, “which contributed to the anchoring of this

The financial institution based in Lomé specifies that the funds “will be used for general corporate purposes, including the refinancing of the $350 million senior bond bridge loan taken out in March 2024", which was itself used to repay a $500 million bond & released in 2019