The Nigerian Stock Exchange (NSE) has announced the listing of Access Bank Plc N30,000,000,000, Subordinated Unsecured Bonds at a fixed rate of 15.5% for 7-years that will fall due in 2026
According to the bulletin released on Friday 20 September 2019 and sign by the NSE’s head of listing regulations, Godstime Iwenekhia.
Dealing Members are hereby notified that Access Bank Plc’s N30,000,000,000, 7-Year 15.5% Fixed Rate Subordinated Unsecured Bonds Due 2026, were listed on the Daily Official List of The Nigerian Stock Exchange on Tuesday, 17 September 2019.
The bulletin was said to be for information and necessary update.
Nigerian Banker earlier Published Agusto & co “A+” rating of the Access Bank Plc’s N30 billion 15.5% Subordinate Unsecured Note. Where the rating agency mentioned that:
”The Issuer’s rating is hinged on the Bank’s good brand franchise buoyed by strong market share following the 2019 merger with Diamond Bank lifting its industry position, a good profitability profile, good liquidity, as well as an experienced and stable management team.
“The Agusto & Co rating is however constrained by elevated non-performing loans following the merger, high funding costs vis a vis peers, which the Bank looks to moderate with the inflow of Diamond Bank Plc’s pool of retail deposits”.