Ecobank Transnational Integrated (ETI) has efficiently issued a $125 million 10.125% Senior Notes due in 2029, marking a major milestone for the bank and the African Eurobond market.
The notes, issued on Friday, Could 15, 2025, will likely be consolidated with the present $400m 10.125% Senior Notes, additionally due in 2029, initially issued on October 15, 2024.
The transaction, suggested by Renaissance Capital Africa, demonstrates robust investor confidence in ETI and the African monetary sector.
The problem was oversubscribed, with a peak order guide of roughly $235m, permitting the issuer to upsize the transaction by 25% and worth the notes at 9.375%, 37.5bps contained in the preliminary pricing ideas.
Robust Demand from International Buyers
The issuance attracted robust curiosity from world traders, together with banks, improvement finance establishments, and fund managers throughout Africa, the UK, and Europe.
Following an earlier announcement on the 14th of April 2025, which was accompanied by a sequence of investor calls, the transaction launched on the fifteenth of Could 2025 with robust preliminary investor curiosity, opening the orderbook at 9:00 am with Preliminary Pricing Ideas (IPTs) set on the 9.725% space.
There was fast momentum, with the guide totally lined inside the first hour, paving the way in which for a tightening of steerage to the 9.500% space by 12:00pm on the again of a strong $215m guide.
Renaissance Capital Africa performed a key function in coordinating the transaction, creating the investor story, and leveraging its distribution community.
Market Significance
This transaction marks the primary public Sub-Saharan African bank Eurobond issuance following the reopening of markets after a interval of volatility.
The success of this issuance demonstrates the resilience of the African monetary sector and the urge for food for high-quality credit within the area.
Renaissance Capital Africa’s function within the transaction highlights its experience in dealing with advanced monetary transactions and its dedication to supporting African monetary establishments in accessing worldwide capital markets.
What it’s best to know
- Ecobank Transnational Integrated (ETI) is a number one Pan-African banking franchise with a presence throughout 35 African international locations.
- The corporate’s Web Curiosity Earnings (NII) elevated by 2% year-on-year to US$295M within the first quarter of 2025, with its Non-Curiosity Income (NIR) ratio standing at 25.2% for the interval.
- With a robust shareholder base, the bank has efficiently raised US$1.4bn in Eurobonds since its debut providing in 2019.
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