First Bank of Nigeria Restricted, a subsidiary of FBN Holdings Plc (“FirstHoldCo”), has efficiently redeemed its $350 million Eurobond upon maturity on October 27, 2025.
The Eurobond was issued in October 2020 as Senior Notes with an 8.625% coupon price and semi-annual curiosity funds.
It was 70% oversubscribed at issuance as FirstBank’s robust market repute bolstered investor confidence in its monetary power and governance.
In response to the Group, proceeds from the 2020 issuance had been utilized to help strategic customer initiatives and key nationwide improvement initiatives, reinforcing FirstBank’s long-standing function in Nigeria’s financial progress.
With this redemption, FirstBank has now repaid a complete of $1.275 billion throughout 4 Eurobond maturities since its inaugural issuance in 2007, strengthening its monitor file as a reputable issuer within the worldwide capital market.
Fitch Rankings not too long ago affirmed FBN Holdings and FirstBank’s Lengthy-Time period Issuer Default Rankings (IDRs) at ‘B’ and upgraded their Nationwide Lengthy-Time period Rankings to ‘A+(nga)’ from ‘A(nga)’, with a Steady Outlook. Equally, S&P Rankings affirmed the Group and the Lead Bank’s rankings at B-/Steady.
FirstBank has additionally obtained a number of worldwide recognitions, together with “Finest Bank for Corporates 2024” from Euromoney, World Finance, and World Financial Journal.
Commenting on the milestone, Olusegun Alebiosu, Chief Government Officer of FirstBank Group, mentioned:
“This redemption is fully from the Bank’s stability sheet, reflecting FirstBank’s superior belongings and liabilities administration, its unrivalled franchise power, and the continued confidence of the funding neighborhood.”
He reaffirmed FirstBank’s 131-year legacy as a pacesetter in company banking throughout Nigeria and Sub-Saharan Africa and guaranteed prospects of continued excellence in transaction banking, treasury, and money administration companies.
He added that the bank’s current technological investments are geared toward streamlining processes and enhancing customer expertise.
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