African banks turn to LM to manage 2018 maturities
Pan-Africa lender Guaranty Trust Bank has bought back $123.1bn of its outstanding bonds, making it the second African bank to address its upcoming maturities. Nigeria’s Fidelity Bank is looking to issue fresh debt to finance a buy-back of its $300m 2018s.
Guaranty Trust Bank invited holders of its $400m 6% notes due 2018 to tender any or all of their securities for cash. It offered investors $1,025 for each $1,000 of notes tendered. Exotix Partners, JP Morgan and Morgan Stanley managed the deal.
The bank has operations across
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