On Wednesday, the United Bank for Africa (UBA) redeemed its $500 million five-year Eurobond notes, which were due on June 8, 2022.
“The five-year bond was issued in 2017 at a coupon rate of 7.75% and raised to support the Bank’s business in key sectors of the economy,” the bank said in a statement.
The bank repurchased $310.9 million of the notes through a cash tender offer in November 2021 as part of UBA’s liability management strategies. The bank redeemed the $189.1 million outstanding share and the $7.3 million coupon when the Eurobond matured.
The development is evidence of UBA’s strong and diverse asset and liability management approach, as well as its sound and conservative liquidity management techniques. Kennedy Uzoka, GMD/CEO of UBA, stated, “This is despite macroeconomic headwinds supported by FX illiquidity, double-digit inflation, and currency devaluation.”
“UBA continues to be the top choice for investors, individuals, and businesses due to our large customer base, diverse geographic reach, and exceptional track record spanning several decades,” Uzoka added.
As the only sub-Saharan African bank with a deposit-taking license in the United States of America (USA), UBA is a well-known financial institution that offers banking and financial services to more than 33 million customers worldwide. It has operations in 20 African countries, including Nigeria, and has established operations in France and the United Kingdom (UK).
