Access Bank Plc has redeemed its $500m senior unsecured Eurobond five years after the debt was issued, with the bank funding the repayment from its own foreign currency liquidity resources.
Access Holdings Plc, the parent company of Access Bank, disclosed this in a statement on Monday, saying the Eurobond matured on September 21, 2026.
The Eurobond was issued in September 2021 with a five-year tenor and a coupon rate of 6.125 per cent. The bank said it had met all its semi-annual coupon payment obligations as and when due since the issuance.
Access Holdings said the $500m repayment was funded entirely from Access Bank’s own foreign currency liquidity resources, in line with its asset-liability management framework and the maturity profile anticipated when the bond was issued.
The company added that the repayment had been incorporated into the bank’s liquidity management framework and would have no adverse impact on its operations or regulatory liquidity requirements.
According to Access Holdings, the redemption discharged the bank’s obligations under the Eurobond and reflected its liquidity planning and capacity to meet its funding commitments.
Commenting on the development, the Managing Director and Chief Executive Officer of Access Bank, Roosevelt Ogbonna, said the repayment demonstrated the bank’s funding position and approach to managing its capital and liquidity.
“This redemption reflects the strength of Access Bank’s franchise, the discipline of our balance sheet management, and our continued commitment to meeting obligations to investors and stakeholders in a timely and transparent manner.”
Ogbonna said meeting the maturity from the bank’s own balance sheet affirmed the strength of its funding position and the discipline with which it manages its capital and liquidity.
The bank said it would continue to maintain a strong and diversified funding base to support sustainable growth and deliver long-term value to customers, investors, regulators and other stakeholders.
