Norton Rose Fulbright advises Ecobank on issuance of US$125 million Notes

Global | Press release - Business | May 2025

Norton Rose Fulbright has once again advised Ecobank Transnational Incorporated (Ecobank) on its successful tap issuance of US$125 million 10.125% Notes, due 15 October 2029.

These are to be consolidated and form a single series with the US$400 million 10.125% Notes, due 15 October 2029, which were issued on 15 October 2024.

The Notes were listed on the Main Market of the London Stock Exchange. Ecobank will use the net proceeds of the bonds for general corporate purposes.

Ecobank is the holding company for the leading pan-African banking group, with a presence in 35 African countries across Western, Central, Eastern and Southern Africa. The group has systemic importance across sub-Saharan Africa, servicing regional and global corporations, governments, international organisations and over 32 million customers.

The tap issuance was anchored by the Eastern and Southern African Trade and Development Bank.

The Joint Lead Managers and Joint Bookrunners were Absa, Africa Finance Corporation, African Export-Import Bank, Mashreq, and Standard Chartered Bank. Renaissance Capital Africa acted as Financial Adviser to Ecobank.

The London-based Norton Rose Fulbright team advising Ecobank was led by debt capital markets partner Peter Young, alongside counsel Julian Walley, associate Riccardo Perris, trainee solicitor Lorena Voloseniuc, and solicitor apprentice Sienna Feshias.

This transaction builds on the firm’s work with Ecobank, having most recently advised on its issue of US$400 million in 2024. The bonds were the first public Eurobond to be issued by a financial institution in sub-Saharan Africa in 2024 – and only the second to be issued since 2021.

Norton Rose Fulbright has also advised Ecobank on the first Tier 2 sustainability bond to be issued by a financial institution in sub-Saharan Africa in June 2021, as well as on its inaugural US$500 million Rule 144A/Regulation S international bond issue in 2019, listed on the Main Market of the London Stock Exchange.