Access Bank redeems $500m Eurobond from own liquidity

ACCESS Bank Plc has repaid a $500 million senior unsecured Eurobond that matured on Monday, strengthening its record of meeting foreign currency funding obligations as scheduled.

The bank, a subsidiary of Access Holdings Plc, redeemed the five-year Eurobond issued in September 2021 at a coupon rate of 6.125 percent.

Access Holdings disclosed the repayment in a statement on Monday, saying Access Bank funded the maturity entirely from its own foreign currency liquidity resources.

The bank said the repayment was planned under its asset-liability management framework and incorporated into its liquidity management plans.

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It added that the redemption would not adversely affect its operations or regulatory liquidity requirements. Since the Eurobond was issued, Access Bank said it had met all semi-annual coupon payments when due.

Managing Director and Chief Executive Officer of Access Bank, Mr Roosevelt Ogbonna, said the repayment reflected the bank’s funding position and balance sheet discipline.

“Meeting this maturity from our own balance sheet affirms the strength of our funding position and the discipline with which we manage our capital and liquidity,” Ogbonna said.

The $500 million repayment discharges Access Bank’s obligations under the Eurobond.

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The bank said it would continue to maintain a strong and diversified funding base to support sustainable growth and meet its obligations to customers, investors and other stakeholders.