- The United Bank for Africa on Wednesday redeemed its debut $500 million five-year Eurobond notes with the maturity date of June 8, 2022.
Issued in 2017, the five-year bond was offered at a coupon rate of 7.75 per cent and raised to support the Bank’s business in key sectors of the economy.
As part of UBA’s liability management strategies, in November 2021, the bank repurchased $310.9 million of the notes through a cash tender offer.
Upon maturity of the Eurobond, the outstanding portion of $189.1 million and the coupon of $7.3 million were redeemed by the bank.
Kennedy Uzoka, GMD/CEO of UBA said “The Group’s selective participation in international debt markets is a testament to UBA’s robust and prudent liquidity management strategies, coupled with a very strong and diversified asset and liability management process.”
Uzoka added that “Our significant customer base, diversified geographical spread and multiple decades of proven track record, continue to ensure that UBA is the preferred destination for investors, individuals, and businesses alike,”
With presence in 20 African countries, including Nigeria, as well as operations in France, the UK and being the only sub-Saharan African bank with a deposit-taking licence in the USA, UBA is a leading African financial institution providing banking and financial services to over 33 million customers across the globe.
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