Ecobank Transnational Incorporated has raised $125 million through the issuance of 10.125% Senior Notes due in 2029, marking a significant step forward for the bank and the broader African Eurobond market.

The new notes, issued on Friday, May 15, 2025, will be consolidated with the bank’s existing $400 million 10.125% Senior Notes, also due in 2029, originally issued on October 15, 2024.

The transaction was arranged by Renaissance Capital Africa and underscores growing investor confidence in ETI and the resilience of the African financial sector.

The issuance was met with robust demand, with a peak order book of approximately $235 million. This strong investor interest enabled ETI to upsize the transaction by 25% and tighten pricing to 9.375%—37.5 basis points below the initial price guidance.

The order book opened at 9:00 a.m. with initial pricing thoughts in the 9.725% range. It was fully covered within the first hour, allowing the bank to tighten guidance to the 9.500% area by midday.

Investors included a mix of banks, development finance institutions, and asset managers from across Africa, the UK, and Europe.

The deal marks the first public Eurobond issuance by a Sub-Saharan African bank since the recent reopening of the international debt markets, following a period of market volatility.

“This transaction not only affirms ETI’s credit strength but also reflects the growing appetite for quality African issuers,” said a representative from Renaissance Capital Africa, which led the deal and managed investor engagement efforts.

The successful bond issuance follows strong recent financial performance by ETI. The Pan-African banking group reported the second-highest quarterly profit in its history in Q1 2025 and posted a post-tax profit of N735.9 billion in 2024—up 179% from the previous year.

With operations in 35 African countries and a growing presence in international capital markets, ETI has now raised a total of $1.4 billion in Eurobonds since its first issuance in 2019.