Nigerian bank to raise fresh debt for buyback
Nigeria’s Fidelity Bank is planning to finance a buy-back of its $300m notes due 2018 with a new issue, as the country’s banks look to address upcoming maturities in 2018 and 2019.
Several Nigerian banks have bonds maturing in 2018 and 2019. GTB Finance has a 6% $400m November 2018 and in 2019, Zenith Bank and Diamond Bank have $700m of bonds due.
Zenith Bank has already raised $500m in the international markets with a 7.375% May 2022, and
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