VENTURES AFRICA – To enhance its operations,one of Nigeria’s leading financial institution, Access Bank PLC is proposing to issue bonds in the US Dollar.
According to THISDAY, Access Bank had mandated Citigroup and Goldman Sachs International to arrange series of global fixed income investor meetings in Europe and the US from today.
It plans to float a US dollar-denominated 144A/Reg S bond offering, at the end of the meetings.
144A is a private placement for US investors while the Reg S is a Bond issued in the Eurobond market for international investors. 144A/Reg S bonds are generally assigned two separate sets of securities identification codes.
Meanwhile, the proposed bond issuance will still be subjected to market conditions and approval by regulators as well as the Financial Services Authority (FSA) and the International Capital Market Association (ICMA).
Last year, Access Bank acquired Intercontinental Bank in what was adjudged Africa’s top merger and acquisition deal by the Banker Magazine . The bank was also recently rated ‘B’ from ‘B-’ by UK-based rating agency, Fitch.
The commercial bank operates in major centers across Nigeria, Sub Saharan Africa and the United Kingdom.
With over 800,000 shareholders, the bank has been listed on the Nigerian Stock Exchange since 1998, and has been ranked among Africa’s top 15 banks by total assets and capital in 2012.