Olamilekan Okeowo
The Group Managing Director of United Bank for Africa, UBA, Mr Kennedy Uzoka, has revealed that the successful dollar-denominated offering which by the bank which was oversubscribed by 240 percent further illustrates global investor confidence in the strong fundamentals of the company.
The bond which is rated ”B” with a stable outlook by both Fitch and S&P rating agencies will mature in June 2022 with a coupon rate of 7.75 percent, priced at an effective yield of 7.87 percent.
This pricing was seen by the global investor community as the best possible pricing for a debut issue from a Nigerian-based financial institution in the international market.
Recall that UBA successfully raised 500 million dollars though a Debut Euro Bond, which was oversubscribed by 240 percent.
