The management of the United Bank for Africa (UBA), on Wednesday, announced the redemption of its debut $500m five-year Eurobond notes with the maturity date of June 8, 2022.

Proceeds of the bond issued in 2017 with a coupon rate of 7.75%, was used to support UBA’s business in key sectors of the economy.

Recall that as part of the group’s liability management strategies, in November 2021, it repurchased $310.9m of the notes through a cash tender offer, following which the outstanding $189.1m, and the coupon of $7.3m were redeemed at maturity.

Commenting on the feat, Kennedy Uzoka, Group Managing Director/Chief Executive of UBA said “the development is a testament to UBA’s robust and prudent liquidity management strategies, coupled with a very strong and diversified asset and liability management process. This, in spite of macroeconomic headwinds underpinned by FX illiquidity, double-digit inflation and currency devaluation.

“Our huge customer base, diversified geographical spread and uncommon multiple decades of proven track record, continue to spotlight UBA as the preferred destination for investors, individuals and businesses alike,” Uzoka continued.