Ecobank group launches $350m tier-2 sustainability notes

Ecobank Transnational Incorporated (ETI), the Lomé based parent company of the Ecobank Group has announced it has successfully raised US$350 million Tier 2 Sustainability Notes, representing the first ever Tier 2 Sustainability Notes by a financial institution in Sub-Saharan Africa.

This Tier 2 issuance, according to the bank, is the first to have a Basel III-compliant 10NC5 structure outside of South Africa in 144A/RegS format and will be listed on the main market of the London Stock Exchange.

Speaking the successful launch, Group Chief Executive Officer of ETI, Ade Ayeyemi, described it as a landmark issue for the bank, and that the success of this first Sustainable Tier 2 issuance is testament to the bank’s clear strategy, solid positioning across the pan-African banking space as well as our deliberate and long term focus on sustainable initiatives.

“We are particularly pleased with the diverse order book which reflects the confidence investors have in Ecobank to deliver on our commitment to sustainable financing.”