Access Bank commences Book Building for N15billion Green Bond

Book Building has commenced for the N15billion Green Bond Issuance by Access Bank Plc. The 5-year fixed rate senior unsecured Green Bond 2019-2024 has coupon band of 14.9percent to 15.10percent per annum.

The Book Building which commenced on Thursday February 21, 2019 closes on Thursday February 28, 2019 at 5pm; while distribution of allocation letters will be on same day (Thursday February 28, 2019).

The Bond is the first ever Climate Bonds Standard Certificate Corporate Green Bond issued in Africa. The issue has been awarded a B2 rating by Moody’s; was verified by PwC (UK) and certified by the Climate Bond Initiative as having met the climate bond standards.

Access Bank Plc had on January 18, 2019 notified the Nigerian Stock Exchange (NSE) that the Securities and Exchange Commission (SEC) approved the Book Build in respect of the proposed Green Bond (with climate credentials) being issued by the bank.

“With our pace setting experience in the mainstreaming of sustainability in our business operations, we are confident that this issue will further help in supporting environmentally friendly investors to meet their investment objectives while simultaneously supporting the bank’s customer towards realizing growth opportunities in the fast-developing low carbon economy,” said Herbert Wigwe, group managing director, Access Bank Plc.

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It will be recalled that the Bank had in June 2018 launched the Nigerian Green Bond Market Development Programme in partnership with FMDQ OTC Securities Exchange and the Securities and Exchange Commission (SEC).

The N15billion Green Bond Issue proceeds will be used to finance eligible green projects that meet the climate bond initiative (CBI) standards. The Issue will serve as a turning point for Nigeria, attracting both domestic and international investors and will set the pace for other Nigerian corporates to raise green capital.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.