United Bank for Africa bags $500m debut

Nigeria px 230
By Lucy Fitzgeorge Parker
01 Jun 2017

Investor appetite for yield and renewed confidence in the Nigerian financial sector helped United Bank for Africa (UBA) size an inaugural dollar bond at the top end of the target range on Thursday.

The pan-African lender had been aiming to raise a minimum of $300m of five year unsecured funding but was able to take out $500m after attracting more than $1.3bn of orders.

The oversubscription was achieved despite substantial price tightening. The final yield of 7.875% was comfortably inside both initial ...

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