FirstBank redeems $350m Eurobond at maturity
FirstBank of Nigeria Limited yesterday announced the successful redemption of its $350 million Eurobond upon maturity on 27th October 2025. Issued in October 2020 as Senior Notes with a coupon rate of 8.625% and semi-annual payments, the bond was 70% oversubscribed, underscoring strong investor confidence in FirstBank’s financial strength and market access. Proceeds from the […]
First Bank of Nigeria
FirstBank of Nigeria Limited yesterday announced the successful redemption of its $350 million Eurobond upon maturity on 27th October 2025.
Issued in October 2020 as Senior Notes with a coupon rate of 8.625% and semi-annual payments, the bond was 70% oversubscribed, underscoring strong investor confidence in FirstBank’s financial strength and market access. Proceeds from the issuance were deployed to finance critical customer projects of national and economic significance.
The redemption, funded entirely from the Bank’s balance sheet, highlights FirstBank’s robust foreign currency liquidity, effective liability management, and sound balance sheet strategy.
With this milestone, FirstBank has now redeemed a total of $1.275 billion across four Eurobond maturities since its debut issuance in 2007. Commenting on the achievement, Olusegun Alebiosu, CEO, FirstBank Group, said, “This redemption reflects FirstBank’s superior asset and liability management, its unrivalled franchise strength, and reinforces investor confidence in our institution.
“Our 131-year legacy of leadership in corporate banking across Nigeria and Sub-Saharan Africa continues to drive our commitment to serving our customers with innovative solutions powered by cutting-edge technology.”
Recently, Fitch Ratings affirmed FirstBank’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’, both with a Stable Outlook.
In recognition of its leadership in corporate and transaction banking, FirstBank received multiple awards in 2024, including “Best Bank for Corporates” from Euromoney, Global Finance, and World Economic Magazine.