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