First Financial institution of Nigeria Restricted (FirstBank) has efficiently redeemed its $350 million Eurobond upon maturity, demonstrating efficient belongings and legal responsibility administration.
The Eurobond was issued as Senior Notes in October 2020 at 8.625 per cent with semi-annual coupon funds, which was 70 per cent oversubscribed on the time, evidencing FirstBank’s deep market entry and investor confidence.
The proceeds of the Senior Notes had been used to, amongst others, finance numerous buyer tasks and actions, a few of which had been of significant nationwide and financial significance.
This redemption displays FirstBank’s efficient legal responsibility administration technique and additional demonstrates the Financial institution’s strong international foreign money liquidity and unrivalled franchise power, whereas cementing the Financial institution as a most well-liked issuer within the worldwide funding neighborhood.
With this redemption, FirstBank has now efficiently redeemed $1.275 billion over 4 maturities, because it 2007 classic subject.
Talking, the CEO, FirstBank Group, Olusegun Alebiosu, said, “this redemption is completely from the Financial institution’s stability sheet, reflecting FirstBank’s superior belongings and liabilities administration, the unrivalled franchise power and reinforces the boldness that the funding neighborhood reposes in FirstBank.”
Alebiosu reaffirmed FirstBank’s 131-year legacy as a frontrunner in company banking in Nigeria and throughout Sub-Saharan Africa.
He additionally assured prospects of the Financial institution’s dedication to assembly their transaction banking, treasury and money administration wants, by differentiated product choices, powered by current cutting-edge technological investments geared toward additional streamlining its processes and bettering buyer expertise.
Lately, Fitch affirmed FirstBank’s Lengthy-Time period Issuer Default Scores (IDRs) at ‘B’ and upgraded the financial institution’s Nationwide Lengthy-Time period Scores to ‘A+(nga)’ from ‘A(nga)’, each with ‘Secure’ outlooks, additional reinforcing the Financial institution’s credit score capability and glorious stability sheet high quality.
In recognition of FirstBank’s management in company and transaction banking in Nigeria, the Financial institution was awarded the Greatest Financial institution for Corporates in 2024 by Euromoney, International Finance and World Financial Journal.
First Financial institution of Nigeria Restricted established in 1894, is the premier financial institution in West Africa, a number one monetary inclusion companies supplier in Africa, and a digital banking big.
FirstBank’s worldwide footprints minimize throughout three continents ─ Africa, Europe and Asia, with FirstBank UK Restricted in London and Paris; FirstBank in The Democratic Republic of Congo, Ghana, The Gambia, Guinea and Sierra Leone; FBNBank in Senegal; and a FirstBank Consultant Workplace in Beijing, China. All of the subsidiary banks are totally registered by their respective Central Banks to offer full banking companies.
Moreover offering home banking companies, the subsidiaries additionally have interaction in worldwide cross-border transactions with FirstBank’s non-Nigerian subsidiaries, and the consultant workplaces in Paris and China facilitate commerce flows from Asia and Europe into Nigeria and different African nations.
