Access Bank Plc’s Green Bond Offering

Aluko Oyebode advised Access Bank Plc on the deal.

Access Bank Plc, Nigeria’s largest bank by asset size (with a presence in 17 countries), executed the issuance of a US$50 Million Regulation S 5-year Senior Unsecured Step-Up Puttable Green Bond due 2027.

The Bond, which is the Bank’s second Green Bond issuance (following its initial Naira denominated Green Bond issuance) and its first US Dollar denominated Green Bond, features a step-up coupon structure and an investor put option. This innovative structure enabled the Bank to achieve an attractive pricing, with a blended average cost of funding, despite the rising interest rate environment. The Bond was issued in the international capital market via a private placement and is listed on the Main Market of the London Stock Exchange.

The Aluko Oyebode team was led by Capital Market Partners Olubunmi Fayokun (Picture) and Ajibola Asolo, with Associates, Abisola Akinyemi, Bukola Akinsulere and Michael Nwanneka.

Involved fees earner: Bukola Akinsulere – Aluko & Oyebode; Abisola Akinyemi – Aluko & Oyebode; Ajibola Asolo – Aluko & Oyebode; Olubunmi Fayokun – Aluko & Oyebode; Michael Nwanneka – Aluko & Oyebode;

Law Firms: Aluko & Oyebode;

Clients: Access Bank Plc ;