Ecobank Transnational Incorporated (ETI) has successfully closed a $125 million tap issuance of its $400 million 10.125% notes due 2029, originally issued in October 2024.
The new issuance was priced at a yield of 9.375%. This is a full 100 basis points below the original coupon, reflecting strong investor appetite and a tightening in the bank’s credit spreads.
The transaction, which saw an oversubscription rate of over 2x, drew interest from a diversified investor base spanning Africa, the UK, Europe, the US, Asia, and the Middle East.
Investors included asset managers, development finance institutions, and banks—signalling sustained confidence in Ecobank’s pan-African strategy.
Group CEO Jeremy Awori described the outcome as “encouraging”. He notes that it affirms progress in executing the bank’s Growth, Transformation and Returns (GTR) strategy. “This tap enhances our financial flexibility and reinforces our presence in global capital markets,” Awori said.
The proceeds will be used to refinance near-term debt and for general corporate purposes. Group CFO Ayo Adepoju added that the deal strengthens ETI’s balance sheet and reflects a strategic effort to diversify funding sources and extend debt maturity profiles.
The Joint Lead Managers and Bookrunners for the tap included Absa, Africa Finance Corporation, African Export-Import Bank, Mashreq, and Standard Chartered.
Ecobank Development Corporation served as Co-manager, with Renaissance Capital Africa acting as financial adviser.
With this successful tap, ETI continues to position itself as one of Africa’s most credible capital markets issuers, benefiting from rising investor interest in high-yield emerging market credit, especially from African financial institutions with improving fundamentals.
