Home Economy Zenith Bank redeems $500m Eurobond notes

Zenith Bank redeems $500m Eurobond notes

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Zenith Bank Plc has redeemed a balance of 107 million dollars of its 500 million dollar Eurobond Notes, due on May 30.

In a notice on the Nigerian Exchange Ltd.,(NGX) signed by Micheal Osilama Otu, Group Company Secretary/General Counsel, the bank said the redemption was a further demonstration of it’s highly diversified and robust funding sources.

According to the bank, it was also an impeccable pedigree and track record in treasury management.

The Eurobond Notes were issued on May 30, 2017, as the second tranche of the bank’s 1 billion dollars Global Medium Term Note Programme, with a 5-year tenor and coupon of 7.375 per cent.

In September 2019, the bank redeemed 392.6 million dollars of the notes through a cash tender offer ahead of its maturity date of May 30.

Zenith Bank in its unaudited results for the first quarter ended 31st March, recorded a growth of 22 percent in gross earnings from N157.3 billion reported in the first quarter 2021 to N191.5 billion in second-quarter 2022.

Also in its unaudited statement of account presented to the Nigerian Exchange (NGX) on April 28, the strong double-digit growth in the topline culminated in an increase in the bottom line, as the Group recorded an 11 percent Year-on-Year (YoY) increase in profit before tax, growing from  N61.02 billion in first-quarter 2021 to N67.99 billion in first-quarter 2022.

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