Access Bank redeems $500m Eurobond at maturity
Access Holdings Plc, on Monday announced that its flagship subsidiary, Access Bank Plc , has redeemed its $500 million Senior Unsecured Eurobond, which matured on September 21, 2026.
The company secretary, Access Holdings, Mr. Sunday Ekwochi in a statement posted on the Nigerian Exchange Limited (NGX) said the repayment underscores the Bank’s strong liquidity position, disciplined balance sheet management, and continued commitment to meeting its obligations to investors and stakeholders.
According to him, the Eurobond was issued in September 2021 with a five-year tenor and a coupon rate of 6.125%.
He maintained that since issuance, the Bank has met all semi-annual coupon payment obligations as and when due.
Ekwochi in a signed statement noted that the redemption discharges the Bank’s obligations under the Eurobond and reflects the Bank’s prudent liquidity planning, robust financial discipline, and strong capacity to meet its funding commitments.
“The redemption was funded entirely from the Bank’s own foreign currency liquidity resources, consistent with its asset-liability management framework and the maturity profile anticipated at issuance.
“The repayment was incorporated into the Bank’s liquidity management framework and has no adverse impact on its operations or regulatory liquidity requirements,” the statement added.
Commenting on the redemption, Managing Director/Chief Executive Officer of Access Bank, Mr. Roosevelt Ogbonna in a statement said: “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.
“Meeting this maturity from our own balance sheet affirms the strength of our funding position and the discipline with which we manage our capital and liquidity.”
The Bank remains committed to maintaining a strong and diversified funding base, supporting sustainable growth, and delivering long-term value to customers, investors, regulators, and other stakeholders across its markets
With the repayment, the stock price of Access Holdings appreciated by 2.74 per cent or N0.80 per share to close at N29.95 per share.
