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United Bank for Africa Plc (UBA) has successfully raised $300 million through the issuance of a new five-year senior unsecured notes (144A/Reg S) listed on the London Stock Exchange.

The offer was the first issue out of the newly established $1.5 billion Global Medium Term Note (GMTN) programme established in November 2021.

This is according to a notice signed by the company’s secretary, Bili Odum, and filed with the Nigerian Exchange Limited (NGX).

Recall that on the 8th of November 2021, the tier-1 lender revealed that it had instructed a host of leading financial institutions such as; Citigroup Global Markets Limited, Standard Chartered Bank, among others to host fixed income and global investors call, for the purpose of facilitating the issuance of a 5-year fixed-rate senior unsecured note. The financial giant also proposed to redeem its outstanding $500 million Eurobond due June 2022.

Commenting on the offering, the Group Managing Director & CEO of UBA Plc, Mr. Kennedy Uzoka stated: “This successful dollar-denominated offering further illustrates global investor confidence in the strong fundamentals of our Group. It is a testament to our customer first strategy, pan-African growth story, supported by prudent risk management and benchmark asset quality ratios”

Also commenting on the Eurobond, the Group CFO, Mr. Ugo Nwaghodoh said: “UBA’s successful global offering is another milestone for the Group. The new issue further enhances our stable funding base and supports the growth of our balance sheet and our overall business”.

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