First Bank launches hybrid bond offer in UK
March 29th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
First Bank of Nigeria Plc, Nigeria ’s most profitable financial group, has launched a 10-year $175 million (approximately N22.4 billion) bond to finance its retail expansion plans and boost capital adequacy ratio.
The First Bank deal, which is Africa’s first hybrid capital deal, was rated B by Standard & Poor’s, an international rating agency, and priced by Merril Lynch last week with yield of 9.75 per cent.
The feat was announced yesterday in London by First Bank’s Executive Director (Corporate Banking), Mrs. Bola Adesola at a syndicated meeting attended by media executives from The Banker, Euromoney, Global Finance and Financial Times of London.
The meeting was also attended by Mr. Peter Hinson, managing director of FBN Bank (UK) Limited, a subsidiary of First Bank and the first Nigerian financial concern to be licensed by the British Government.
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