Ecobank Nigeria on Thursday opened the market at London Stock Exchange via a virtual ceremony to mark the listing of its five-year fixed rate senior unsecured US$300m bond.

The bond, which carries a coupon rate of 7.125%, according to the bank, a subsidiary of Ecobank Transnational Incorporated, the parent company of the Ecobank Group, was significantly below its Initial Price Thoughts of 7.75%, according to a statement by the group.

The bond was three times oversubscribed and is the lowest coupon/yield by a Nigerian financial institution for a benchmark bond transaction since 2013, having an Issuer Rating of B- from Fitch Rating Agency and S&P.

Proceeds of the bond the statement added, will provide medium term funding and help to enhance the capacity of the Bank to support international trade and service across Africa.

Commenting, Patrick Akinwuntan, Managing Director, Ecobank Nigeria, said: “The strong demand for our bond shows the international appetite for the Ecobank franchise in Nigeria, its unique positioning for facilitating pan-Africa trade and  the attractive opportunity for the many investors seeking to back world-class Nigerian corporates.”

Citi, Mashreq, Renaissance Capital and Standard Chartered Bank acted as Joint Lead Managers and Bookrunners.