Ecobank Transnational Inc. (ETI) will redeem its $350 million 8.75% Tier 2 Sustainability Notes due 2031 and issue new Fixed Rate Reset Tier 2 Nature Notes in international markets under SEC Rule 144A and Reg S.
Net proceeds will simultaneously tender existing notes at par plus accrued interest—expiring May 15—and finance green assets per ETI’s framework, with a London Stock Exchange listing to boost visibility.
Capital Structure Shift
The US dollar bond matures in 10.25 years (August 2036) with a non-call 5.25-year period, aligning Basel III conventions for extended liability management. This replaces shorter-dated notes, preserving Tier 2 buffers at $506 million as risk-weighted assets hit $14.7 billion in H1 2025.
Total capital adequacy rose to 16.73% from 15.8%, supporting loan growth amid African macro headwinds.
Strategic Rationale
Meristem analysts call ETI’s move “proactive liability management,” extending maturities, enhancing funding flexibility and signaling ESG commitment across 33 markets. Elevated global rates also make the sustainability angle key for institutional demand.
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