FBN demonstrates African banks still have market access, despite local volatility

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By Lewis McLellan
21 Oct 2020

First Bank of Nigeria became the first African bank to print a eurobond in 2020 on Tuesday, raising $350m despite a turbulent backdrop in Nigeria.

The deal was initially announced as a $300m five year, but the issuer was able to print $350m with a book 1.7 times subscribed. Citi, Renaissance Capital and Standard Chartered ran the books, offering initial price thoughts of 9% area.

The deal was eventually tightened to 8.625%.

The trade ...

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