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Home Sustainability

Ecobank issues sustainability notes | ALB Article

GrR by GrR
June 14, 2021
in Sustainability
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Ecobank issues sustainability notes


The Lomé-based parent company of Ecobank has raised USD 350 million in sustainability notes.

The Lomé-based parent company of Ecobank has raised USD 350 million in sustainability notes.

Ecobank Transnational Incorporated (ETI), the Lomé-based parent company of Togo-headquartered bank Ecobank, has issued sustainability notes raising USD 350 million.

The notes, due in 2031 and to be listed on the London Stock Exchange’s main market, are the first tier two notes to be launched by a financial institution in Sub-Saharan Africa.

Attracting interest from investors across the United Kingdom and Unites States, Europe, Middle East, Asia and Africa, the offering was 3.6 times oversubscribed.

Dutch bank headquartered in The Hague, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden, anchored the transaction via an order of USD 50 million.

An amount equivalent to the net proceeds raised from the notes offering will be used by ETI to finance or refinance certain assets eligible under its Sustainable Finance Framework, which follows four focus areas, namely sustainable economic transformation, socially responsible banking, the advancement of human capital development, and finally, caring for the environment and managing natural resources.

“This is a landmark issue for Ecobank, and indeed the success of this first sustainable tier two issuance is testament to our clear strategy, solid positioning across the pan-African banking space as well as our deliberate and long-term focus on sustainable initiatives” said ETI’s group chief executive officer Ade Ayeyemi in a statement.

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

Citi Bank, Mashreq, Renaissance Capital and Standard Chartered Bank acted as joint lead managers and bookrunners on the notes issuance.

Ecobank Nigeria announced the pricing of USD 300 million senior unsecured bonds, to be listed on the London Stock Exchange, in February this year, while Ecobank appointed a new chairman, Alain Nkontchou, to replace Nigerian Emmanuel Ikazoboh in July last year.

Standard Bank issued a green bond for the first time, aimed at raising funds to support environmentally friendly projects, in March last year, followed by Africa Finance Corporation’s green bond issuance in October.

Egypt’s government, as a global partner in the implementation of the UN’s Sustainable Development Goals, launched Egypt’s Vision 2030 in February 2016, which reflects the three dimensions of sustainable development: economic, social and environmental.




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