26 October 2017

Templars has advised Fidelity Bank plc, a leading Nigerian commercial bank, on its issuance of US$400 million Eurobonds listed on the Irish Stock Exchange on 16 October 2017.

The bonds which have a tenor of 5 years and a coupon rate of 10.5 percent were the third Eurobond issuance by a Nigerian bank this year.

The issuance involved the repurchase of US$256 million of the bank’s existing US$300 million Eurobonds which were due for redemption in May 2018.

The Templars team on the transaction was led by partners, Chike Obianwu and Desmond Ogba, who were assisted by associates Egbiri Egbiri, Bernard Ehigiamusor, Ojonugwa Ichaba and Promise Madubuobu.

‘’We congratulate the Fidelity Bank team on the successful pricing and settlement of this transaction’’ said Chike Obianwu. ‘’We are very pleased to have been of assistance to them on this journey’’.

Coming on the heels of our role as Issuer’s counsel on UBA plc’s US$500 million debut Eurobond issuance in June 2017, Templars’ role on the Fidelity Bank Eurobond means that the firm has now acted on two of the three Eurobond issuances so far undertaken by Nigerian Banks in 2017.