[Nigeria] Union Bank issues notes under N100b Bond Program
Union Bank of Nigeria has announced the registration of a N100 billion Debt Issuance Programme and the subsequent inaugural issuance of Series I and II Bonds under the newly registered Bond Programme.
At the conclusion of the Book Build, the N20 billion issuance was 165% subscribed. This level of response to our debut issuance is a testament to the growing strength of the Bank’s brand and performance and underscores the high level of investor confidence.
According to the Chief Executive Officer of Union Bank, Emeka Emuwa;
“The inaugural issuance under the N100 billion bond programme marks a milestone achievement in our bid to accelerate business growth and continue our commitment to re-establish the bank as one of Nigeria’s leading financial institutions. I acknowledge the efforts of the investor community in ensuring the success of this bond issuance under our registered programme and assure them that their confidence in us will be met with the effective delivery of our long-term growth strategy.”
The new funding will support Union Bank’s loan book diversification efforts and provide further working capital as it forges ahead towards its vision to be Nigeria’s most trusted and reliable banking partner.
Issuing Houses for the bond include Stanbic IBTC Capital (Lead), Union Capital Markets, Barclays Securities and Standard Chartered Capital & Advisory.