Aluko & Oyebode (the “Firm”) is pleased to have advised Access Bank Plc (the “Bank”), Nigeria’s largest bank by asset size with operations spanning 12 countries, in connection with its successful issuance of US$500 million 6.125 percent Rule144A/Regulation S Senior Unsecured Eurobond Notes due 2026 which have been admitted to trading on the London Stock Exchange (the “Eurobond Issuance”).
The Eurobond Issuance, which is the third to be issued by the Bank, was constituted under the Bank’s updated US$1.5 Billion Global Medium Term Note Programme and was 3 times oversubscribed with demand emanating from institutional investors across the United States, Europe, Middle East, Asia, and Africa. This is indicative of the confidence reposed in the Bank’s long-term strategy and the favourable disposition of the global investing community towards Nigerian assets, despite the recent market externalities occasioned by the COVID-19 pandemic. The proceeds of the Eurobond Issuance will be channelled towards medium term funding for the Bank’s business operations.
Notably, Aluko & Oyebode advised the Bank on its previous Eurobond issuances under the Bank’s Global Medium Term Note Programme. The Firm’s transaction team, which was led by Senior Partner and Head of the Firm’s Capital Markets practice, Olubunmi Fayokun, included Capital Market Partner, Ajibola Asolo and Associates, Abisola Akinyemi, Kareemat Ijaiya, and Gregory Yinka-Gregg.