SEC Approves Book Build For Access Bank Proposed N15bn Green Bond

By February 25, 2019 NEWS

Access Bank Plc said that the Securities & Exchange Commission (SEC), has approved the Book Build for its proposed N15 billion Green Bond. Green bonds are fixed-income financial instruments linked in some way to climate change solutions.

Climate bonds are a relatively new asset class, but they are growing rapidly. The bank in a notification to the Nigerian Stock Exchange (NSE), yesterday, signed by its company secretary, Sunday Ekwochi said that this is sequel to its earlier announcement on January 18, 2019, the Bond is a five-year Fixed Rate Senior Unsecured Green Bond Issuance of up to N15 billion, the first ever Climate Bonds Standard Certified Corporate Green Bond issued in Africa.

The Issue has been awarded a B2 rating by Moody’s; was verified by PwC (UK) and certified by the Climate Bond Initiative as having met the Climate Bond Standards.

The Bond book build will commence on February 21 and to be conclude on February 28, 2019, it is a five-year fixed rate senior unsecured bond, 2019 to 2014, with a coupon band of 14.90 per cent to 15.10 per cent. It will be recalled that the Bank had in June 2018 launched the Nigerian Green Bond Market Development Programme in partnership with FMDQ OTC Securities Exchange and the Securities Exchange Commission.

Speaking on this issue, the Group managing director of Access Bank, Mr. Herbert Wigwe said, “with our pace-setting experience in the mainstreaming of sustainability in our business operations, we are confident that this issue will further help in supporting environmentally friendly investors to meet their investment objectives whilst simultaneously supporting the bank’s customer towards realising growth opportunities in the fast-developing low carbon economy.”

 

Source: Leadership