Pan-African bank Ecobank, which mainly finances SMEs, raised USD 400 million on the London Stock Exchange on 20 November 2024. This is the first bond issue by an African bank since 2021 on the London Stock Exchange.
Ecobank, which had set itself a target of USD 350 million, did not expect to attract such demand. We closed at 400, but with 200% subscriptions, we could have had much more,’ says the 53-year-old Kenyan executive, who was in Paris. This shows the confidence that investors have in us, and we are very happy about that’, said Ecobank CEO Jeremy Awori on the CNBC Africa television channel.
‘Continuing our commitment
‘This Eurobond issue is ETI’s third issue on the international bond markets and the first public Eurobond issue by a financial institution in sub-Saharan Africa since 2021, and will be listed on the main market of the London Stock Exchange,’ says the London Stock Exchange on its website.
The notes, which mature in October 2029, bear interest at 10.125%, payable semi-annually in arrears.
‘The transaction has been well received, with strong demand from international and African investors, resulting in a final order book oversubscription ratio of over 2.1 times. We thank our bond investors for their continued support of Ecobank and look forward to continuing our commitment and working together to successfully implement our business strategy,’ said Ayo Adepoju, CFO of Ecobank Group.
Elisha Iragi for M&B – Source London Stock Exchange, Ecobank Group, CNBC Africa
Caption: Jeremy Awori, CEO of Ecobank (centre left), and senior executives of the bank at the raising of USD 400 million on the London Stock Exchange, November 2024.
Photo credit: Ecobank Group
