First Bank redeems $350m Eurobonds priced at 8.625%

First Bank Limited has announced the successful redemption of its $350 million Eurobond upon maturity on October 27, 2025, the group said in a disclosure on the Nigerian Exchange. According to First Bank, the Eurobond was issued in October 2020 as Senior Notes at an 8.625% coupon rate with semi-annual interest payments. The dollar-priced bonds was 70% oversubscribed at issuance, reflecting First Bank’s strong market reputation and the enduring confidence of international investors in the institution’s stability and governance.
First Bank said the proceeds from the issuance were deployed to support strategic customer projects and key national initiatives, reinforcing the lender’s pivotal role in Nigeria’s economic development. “This redemption marks another milestone in the Bank’s disciplined liability management strategy, underscoring its robust foreign currency liquidity, prudent risk management, and sound balance sheet.” With this, FirstBank has now redeemed an aggregate of $1.275 billion across four Eurobond maturities since its inaugural issuance in 2007, further cementing its standing as a consistent and credible issuer in global capital markets.