First Bank of Nigeria Limited (FirstBank), under FirstHoldCo Plc, has successfully redeemed its $350 million Eurobond upon its maturity date, October 27, 2025.
According to a report released on NGX by the bank.
This achievement showcases the bank’s effective asset and liability management amid economic challenges.
The Eurobond, issued in October 2020 as Senior Notes at an interest rate of 8.625% with semi-annual payments, was 70% oversubscribed.
The funds raised were utilized to finance key projects and national initiatives.
This redemption marks the fourth since 2007, bringing the total amount of Eurobonds redeemed to $1.275 billion, all of which were repaid from the bank’s own balance sheet.
Olusegun Alebiosu, CEO of FirstBank Group, commented on this significant milestone, stating, “This redemption is entirely from the Bank’s balance sheet, reflecting FirstBank’s superior asset and liability management, our unrivaled franchise strength, and reinforcing the confidence that the investment community has in FirstBank.”
Alebiosu also highlighted the bank’s 131-year legacy as a leader in corporate banking both in Nigeria and beyond.
He assured customers of the bank’s commitment to continued innovation in transaction banking, treasury, and cash management.
Furthermore, he pointed out recent technological investments aimed at streamlining processes and enhancing customer experiences through unique product offerings.
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