Home » Zenith Bank redeems $500m Eurobond notes

Zenith Bank redeems $500m Eurobond notes

by Chief-Editor
0 comment
Kindly share this story:

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.

Kindly share this story:

Leave a Comment

About Us

FreedomPost LOGO

Freedom Post (FP) is a publication of FREEDOM POST MEDIA SERVICES.
At FP, we are committed to truly unbiased accounting of event or information without spin or slant. We strongly believe in an accurate depiction of what happened, is happening or is about to happen, presenting all sides while we remained neutral. To us, the death of straight journalism means the slippery slope of democracy.

Quick Links

Find us on

@2020 | FREEDOM POST – All Right Reserved. – All Right Reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy