ABUJA, Sept 9 – Access Bank ACCESS.LG, Nigeria’s biggest lender, expects to issue a dollar-denominated bond next week after a series of investor meetings this week, subject to market conditions, the bank said on Thursday.
Access Bank is seeking to issue a five-year senior unsecured bond and has asked Absa, Barclays, J.P. Morgan and Standard Chartered Bank to arrange investor meetings as joint bookrunners with Chapel Hill Denham and Rand Merchant Bank as financial advisers.
The size and yield of the Access Bank bond will be determined by demand, the bank told an investor call.
The top-tier Nigerian lender, with a presence in 11 African countries, is rated B2- by Moody’s and B (stable) by Fitch. It has a $400 million eurobond with a coupon of 9.25 percent due in 2021.
Its announcement comes ahead of Nigeria’s planned eurobond issue in October.
Access Bank launched an African expansion strategy to counter stagflation and dollar shortages at home that frustrated businesses and shrunk the lending market after it completed the acquisition of rival Diamond Bank.
(Reporting by Chijioke Ohuocha; Editing by Edmund Blair and Mark Porter)