London Stock Exchange welcomes Ecobank Transnational Incorporated’s debut Sustainable Bond to the Sustainable Bond Market
Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, today opened the market at London Stock Exchange via a virtual ceremony to mark the listing of its $350 million 10NC5 Tier 2 Sustainability Notes issuance.
Through its affiliates across 33 sub-Saharan African countries and its international bank in Paris, Ecobank provides the full suite of banking products, services and solutions to retail, commercial, corporate and public sector customers using multiple channels.
This Tier 2 issuance is the first to have a Basel III-compliant 10NC5 structure outside South Africa in 144A/RegS format and will be listed on the main market of London Stock Exchange. The bond, which matures in June 2031, has a call option in June 2026 and was issued with a coupon of 8.75%, with interest payable semi-annually in arrears.
An equivalent amount of the net proceeds from the notes will be used by ETI to finance or re-finance new or existing eligible assets in accord with ETI's Sustainable Finance Framework.
Ade Ayeyemi, Group Chief Executive of Ecobank Group, said: “This is a landmark issue for Ecobank, and the success of this first Sustainable Tier 2 issuance – which attracted strong global demand was 3.6 times oversubscribed – is testament to our clear strategy and solid positioning across our pan-African banking footprint as well as our deliberate and long-term focus on sustainable initiatives. We are particularly pleased with the diverse orderbook which reflects the confidence that investors have in Ecobank to deliver on its commitment to sustainable financing.”