Banking

UBA redeems five-year $500m Eurobond

The United Bank for Africa has redeemed its debut $500 million five-year Eurobond notes which matured on Wednesday.

The Nation reported that the Eurobond notes issued in 2017 were offered at a coupon rate of 7.75 per cent.

The bond was raised to support the bank’s business in key sectors of the economy.

UBA had last November repurchased $310.9 million of the notes through a cash tender offer, in line with its liability management strategies.

In a statement, the bank explained that upon maturity of the Eurobond, the outstanding portion of $189.1 million and the coupon of $7.3 million were redeemed by the bank.

“The development is a testament to UBA’s robust and prudent liquidity management strategies, coupled with a very strong and diversified asset and liability management process. This, in spite of macro-economic headwinds underpinned by FX illiquidity, double-digit inflation and currency devaluation,” Group Managing Director/CEO, UBA, Kennedy Uzoka, said.

Continuing, the bank chief said: “Our huge customer base, diversified geographical spread and uncommon multiple decades of proven track record, continue to spotlight UBA as the preferred destination for investors, individuals and businesses alike.”

UBA has a presence in 20 African countries, including Nigeria, as well established operations in France and the United Kingdom (UK) and is the only sub-Saharan African bank with a deposit-taking license in the United States.

The bank is a renowned financial institution providing banking and financial services to over 33 million customers across the globe.

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