Ecobank Priced $125 million Eurobond at 10.125%
Pan-African lender Ecobank Transnational Incorporated (ETI) has successfully completed the issuance of $125 million in senior notes due 2029, an event that marked a significant step forward for both the bank and the broader African Eurobond market.
Moody’s said in a note that this tap is in addition to ETI’s existing $400 million senior unsecured notes due October 2029.
The notes, bearing a coupon of 10.125 per cent, were issued on Friday, May 15, 2025, and will be consolidated with ETI’s existing $400 million 10.125 per cent Senior Notes, originally issued on October 15, 2024.
The latest offering, coordinated by Renaissance Capital Africa, drew substantial global investor interest and was oversubscribed, with the peak order book reaching approximately $235 million.
This robust demand allowed ETI to up-size the transaction by 25 per cent and price the new notes at 9.375 per cent, significantly tighter—by 37.5 basis points—than the initial pricing thoughts (IPTs) of 9.725 per cent.
The success of the issuance underscores growing investor confidence in Ecobank and the African financial sector at large, particularly as this marks the first public Eurobond issuance by a Sub-Saharan African bank since markets began reopening following recent volatility.
Following an official transaction announcement on April 14, 2025, accompanied by a series of investor calls, the issuance launched on May 15 at 9:00 a.m. with IPTs set around 9.725 per cent.
Investor demand surged quickly, with the book fully covered within the first hour. By midday, pricing guidance had been tightened to the 9.500 per cent area, backed by a $215 million order book.
The offering attracted participation from a diverse array of global investors, including major banks, development finance institutions (DFIs), and prominent fund managers across Africa, the United Kingdom, and continental Europe.
Renaissance Capital Africa served as sole arranger and advisor, playing a pivotal role in the transaction’s success. The firm leveraged its deep investor relationships, developed a compelling investor narrative, and utilised its extensive distribution network to drive demand.
“This successful issuance speaks volumes about the resilience of African credit markets and the appetite for high-quality issuers in the region,” said a representative from Renaissance Capital Africa. “We are proud to support Ecobank and other leading African institutions in accessing global capital.”
The latest issuance is not just a testament to Ecobank’s financial strength but also to the renewed confidence in African capital markets amid improved global sentiment.
With this successful $125 million tap, Ecobank solidifies its position as a flagship African issuer in the international debt capital markets while providing a much-needed signal of resilience and recovery for the broader sub-Saharan banking sector. #Ecobank Priced $125 million Eurobond at 10.125% FG Reforms to Drive Long-Term Economic Resilience – Edun
