Ecobank Nigeria’s bond sale shows African corporate debt markets open for business

By Ray Mwareya, Nyasha Bhobo
Posted on Thursday, 25 February 2021 16:23

Ecobank Nigeria managing director Patrick Akinwuntan. Photo supplied.

Africa's first non-sovereign bond of 2021 shows that prospects for Nigeria's economic growth can pull in investors, Ecobank Nigeria managing director Patrick Akinwuntan tells The Africa Report.

The bank last week priced its $300m London-listed bond maturing in February 2026. The issue was more than three times oversubscribed and drew “significant” international interest, says Akinwuntan.

“The strength and depth of the book demonstrated global investors’ strong appetite for the Ecobank franchise in Nigeria.”

The sale shows that appetite for corporate African debt has survived the Zambia sovereign debt default in November 2020.

Ecobank Nigeria is the largest single-country operation of the Ecobank Group, which operates in 33 African countries.