6 November 2020
Templars has advised Citigroup, Standard Chartered Bank and Renaissance Securities as Joint Lead Managers on a US$350 million Rule 144A/Reg S Senior Eurobond issuance by leading African lender and Nigeria’s oldest bank, First Bank of Nigeria Limited.
The 8.625 per cent senior notes, which are due in 2025 and were 70 percent oversubscribed, represent the first Eurobond issuance by a Nigerian bank since 2017. The issuance is also the first benchmark Eurobond outing from an African bank in 2020, a very significant development in the market for emerging markets debt which has suffered a very sharp decline following the outbreak of the coronavirus pandemic.
In the light of present realities, the transaction was conducted and completed using technology on all fronts including roadshows and other investor engagements, and thus setting a precedent for the digital completion of future issuances
Commenting on the transaction, Obianwu expressed the firm’s delight at yet another opportunity to break new ground in the midst of what has been a particularly challenging period for Nigerian issuers. Templars’ role on the transaction further confirms its leading position as an adviser of choice for deal managers and issuers on some of the most important international corporate debt capital market transactions to come out of Nigeria in the last several years.