Access Bank Gets SEC Nod To Issue N15bn Green Bond For Project Financing

Access Bank Gets SEC Nod To Issue N15bn Green Bond For Project Financing

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Post Views: 366 Access Bank Plc, on Thursday said it will open the book building for a five-year Fixed Rate Senior Unsecured Green Bond of up to N15bn...

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Access Bank Plc, on Thursday said it will open the book building for a five-year Fixed Rate Senior Unsecured Green Bond of up to N15bn on Thursday, February 28, 2019 at 5pm.
Proceeds of the issue according to a notice by Sunday Ekwochi, it company secretary, “will be used to finance eligible green projects that meet the Climate Bonds Initiative (CBI) standards.”
Already, approval of the Securities & Exchange Commission (SEC) has been secured, while funding commitment is slated for Friday, March 1, 2019.
In a notice to the Nigerian Stock Exchange (NSE), the bank said it is “the first ever Climate Bonds Standard Certified Corporate Green Bond issued in Africa, which was verified by PwC (UK), has been awarded a B2 rating by Moody’s.
The bond with a 15.9% to 15.1% per annum Coupon has also been certified by the Climate Bond Initiative as having met the Climate Bonds Standards.
In a notice to the NSE, Access Bank recalled that it launched the Nigerian Green Bond Market Development Programme in June last year, in partnership with FMDQ OTC Securities Exchange and the SEC.
The statement quoted Herbert Wigwe, the Group Managing Director, noted the bank’s “pacesetting experience in the mainstreaming of sustainability in our business operations, we are confident that this issue will further help in supporting environmentally friendly investors to meet their investment objectives whilst simultaneously supporting the bank’s customer towards realizing growth opportunities in the fast-developing low carbon economy.
Ekwochi assured that the bond issuance “will serve as a turning point for Nigeria, attracting both domestic and international investors and will set the pace for other Nigerian corporate to raise green capital.”

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