First Bank

Wednesday, June 1, 2022

Zenith Bank Redeems $500m Eurobond

Zenith Bank Plc has announced the redemption of the balance of $107.4 million of its $500 million Eurobond Notes due May 30, 2022.

Analysts say this is a demonstration of the Bank’s highly diversified and robust funding sources, and its pedigree and track records in treasury management.

The Eurobond Notes were issued on May 30, 2017, as the second tranche of the Bank’s $1 billion Global Medium Term Note Program, with a 5-year tenor and coupon of 7.375%.

In September 2019, the Bank had redeemed $392.6 million of the Notes through a Cash Tender Offer ahead of its maturity date of May 30, 2022.

Zenith Bank Plc, Nigeria’s largest and Africa’s twelfth largest bank by Tier 1 capital (The Banker Top 1000 World Banks 2021 Ranking) has consistently demonstrated market leadership, growth capacity, a solid and liquid capital base, good returns on investment and excellent customer service.

Over the years, the Bank has maintained a deep understanding of the market and its operating environment to sustain excellent results, an indication of the Bank’s robust enterprise risk management framework and strong corporate governance.

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