Ecobank Transnational Incorporated (ETI) has successfully issued $400 million in bonds, carrying a coupon rate of 10.125%, with a maturity date set for October 15, 2029. The first interest payment is scheduled for April 15, 2025, followed by semi-annual payments thereafter on April 15 and October 15.
Proceeds from the bond will be used for general corporate purposes, including refinancing the $350 million Senior Bridge-to-Bond Loan Facility established in March 2024. This marks ETI’s third foray into the international bond markets and represents the first public Eurobond issuance by a Sub-Saharan African financial institution since 2021.
Ecobank received strong demand from both international and African investors, achieving an oversubscribed orderbook. The bank expressed gratitude to its partners, including Absa, Africa Finance Corporation, African Export-Import Bank, Mashreq, and Standard Chartered Bank, who acted as joint lead managers. Renaissance Capital Africa served as the financial adviser for the transaction. Additionally, Development Finance Institutions such as PROPARCO and the Eastern and Southern African Trade and Development Bank played key roles in supporting the transaction.
