Issued in 2017, the five-year bond was offered at a coupon
rate of 7.75%, and raised to support the Bank’s business in key sectors of the
economy.
As part of UBA’s liability management strategies, In
November 2021, the bank repurchased $310.9 million of the notes through a cash
tender offer. Upon maturity of the Eurobond, the outstanding portion of $189.1
million and the coupon of $7.3 million were redeemed by the bank.
“The development is a testament to UBA’s robust and prudent
liquidity management strategies, coupled with a very strong and diversified
asset and liability management process. This, in spite of macroeconomic headwinds underpinned by FX
illiquidity, double-digit inflation and currency devaluation,” said Kennedy
Uzoka, GMD/CEO of UBA.
“Our huge customer base, diversified geographical spread and
uncommon multiple decades of proven track record, continue to spotlight UBA as
the preferred destination for investors, individuals and businesses alike,”
Uzoka continued.
With presence in 20 African countries, including Nigeria, as
well established operations in France, the United Kingdom (UK) and the only
sub-Saharan African bank with a deposit-taking licence in the United States of
America (USA), UBA is a renowned financial institution providing banking and
financial services to over 33 million customers across the globe.