By Peter Egwuatu
The United Bank for Africa (UBA) on Wednesday, redeemed its debut $500 million 5-year Eurobond notes with the maturity date of June 8, 2022.
The bank in a statement stated: “ Issued in 2017, the five-year bond was offered at a coupon rate of 7.75%, and raised to support the Bank’s business in key sectors of the economy.
As part of UBA’s liability management strategies, In November 2021, the bank repurchased $310.9 million of the notes through a cash tender offer. Upon maturity of the Eurobond, the outstanding portion of $189.1 million and the coupon of $7.3 million were redeemed by the bank.”
“The development is a testament to UBA’s robust and prudent liquidity management strategies, coupled with a very strong and diversified asset and liability management process. This, in spite of macroeconomic headwinds underpinned by FX illiquidity, double-digit inflation and currency devaluation,” said Kennedy Uzoka, GMD/CEO of UBA.
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