Nigeria's UBA issues $300 mln Eurobond at 6.75% yield -adviser (updated)

UBA Investments

12/11/2021 12:16

(Adds details)
    By Chijioke Ohuocha
    ABUJA, Nov 12 (Reuters) - Nigeria's United Bank for Africa
(UBA) has issued a $300 million Eurobond at a yield of 6.75% to
fund growth, its adviser said on Friday.
    The Eurobond was placed with global investors with a
subcription rate of 1.7 times the offer size amid a backdrop of
volatile markets, adviser Renaissance Capital said.
    Top-tier Nigerian lenders are raising funds to provide extra
buffers to support their operations.
    Nigeria's biggest lender, Access Bank  ACCESS.LG , raised a
total of $1 billion from the Eurobond market in September and
October.  urn:newsml:reuters.com:*:nL1N2QU0UX
    UBA announced the bond offering this week and issued the
debt after a two-day meeting with investors, the adviser said.
    Nigeria issued $4 billion of Eurobonds in September that
were heavily oversubscribed, paving the way for corporates to
follow.  urn:newsml:reuters.com:*:nL1N2QT0K6

 (Reporting by Chijioke Ohuocha
Editing by Mark Potter)
 ((chijioke.ohuocha@thomsonreuters.com; +234 703 4180 621;
Reuters Messaging: chijioke.ohuocha.thomsonreuters@reuters.net))