Fidelity Bank Redeems $400m Eurobond

<h4>Fidelity Bank redeems &dollar;400m Eurobond<&sol;h4>&NewLine;<p>OpenLife Nigeria reports that Fidelity Bank plc&comma; has announced the redemption of the &dollar;400&comma;000&comma;000&period;00 Eurobond &period;<&sol;p>&NewLine;<p>On October 17&comma; 2017&comma; the bank successfully issued a US&dollar;400 million 5-year Eurobond&period;<br &sol;>&NewLine;The transaction also included a Tender Offer &lpar;the &OpenCurlyDoubleQuote;Tender Offer” or &OpenCurlyDoubleQuote;Offer”&rpar; for the refinancing of the Bank’s US300million Senior Unsecured Notes issued in May 2018&period;<br &sol;>&NewLine;The transaction was the largest combined new issue &amp&semi; liability management offering ever by a Nigerian issuer and was well received by analysts and investors&period;<&sol;p>&NewLine;<p>The transaction which was managed by Citigroup Incorporated&comma; Renaissance Capital and Standard Bank Group Limited achieved an oversubscribed order book of &dollar;630million&period; Upon final maturity of the Eurobond&comma; noteholders received a total of US&dollar;421 million covering the principal amount and the accrued 6 months coupon in line with the executed Trust Deeds&period;<&sol;p>&NewLine;<p>According to the Bank’s MD&sol;CEO&semi; Nneka Onyeali-Ikpe&comma; &OpenCurlyDoubleQuote;the liquidation of the notes despite the strong headwinds in the domestic economy &&num;8211&semi; especially when viewed against the backdrop of short dollar supply&comma; is a testament to the strong liquidity position of the bank and the resilience of our balance sheet”&period;<&sol;p>&NewLine;<p>Fidelity Bank is one of the leading financial institutions in Nigeria&period; According to its interim audited result for the mid-year 2022&comma; the Bank reported strong financial ratios with a capital base of N3&period;7trillion&comma; PBT of N25bn and a return on equity &lpar;ROE&rpar; of 15&period;4&percnt; evidencing the efficient management of the bank’s assets&period;<&sol;p>&NewLine;<p>In recognition of its commitment to product innovation and strong corporate governance&comma; the Bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking &amp&semi; Finance Awards&period; The bank also won the 2022 Platinum Award of the Development Bank of Nigeria for its leading role in disbursing loans to focused sectors&period; In addition&comma; it was recognized as the 2021&OpenCurlyDoubleQuote;Fastest Growing Bank” in Nigeria and &OpenCurlyDoubleQuote;MSME &amp&semi; Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions<&sol;p>&NewLine;