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The United Bank of Africa (UBA) has launched an inaugural issue of Eurobond 500 million with an oversubscription of 240% of international investors. The information was made public by Kennedy Uzola, general manager of the bank.

“I am pleased to announce that our bank has successfully raised $ 500 million in the international capital market in the framework of a first Eurobond, which has been over-subscribed by 240%. After reviewing more than $ 1.3 billion in orders from nearly 200 investors across the globe (United Kingdom, Europe, Asia, Middle East, United States, etc.), the co-chief arrangers Of the issuance reduced demand to $ 1.2 billion. This important demand from investors reflects the appetite of international investors for UBA’s credit and is in line with the Group’s pan-African strategy, “said the head of the Pan-African bank.

He said that this first Eurobond was evaluated by Fitch (stable B outlook) and S & P (stable B outlook), which is the same rating given to the Bank by the two agencies and is at the same level as the sovereign rating Of Nigeria, given our size and scale.

“The bond was issued at a nominal rate of 7.75%. This rate is considered by the community of international investors as the best possible for a first issue of a financial institution of Nigerian origin, in the current state of the market, “said Kennedy Uzoka.

The general manager of UBA has welcomed investor confidence in the success of this fundraising event.

“I believe that the success of this dollar-denominated offer further demonstrates the confidence of international investors in the fundamental fundamentals of our group. The $ 500 million obligation will complete our stable funding base and support the growth of our balance sheet and overall business. More importantly, this medium-term financing will strengthen our position in the financing of profitable projects with impact on the African continent. “Kennedy Uzoka also expressed his gratitude to his team. “I would like to congratulate the team and all those who contributed to making this first show a resounding success. I urge all of you to remain committed, as we work together to make UBA the undisputed leader of African banking space.