Published: May 16, 2014
Nigerian bank raises US$200mn with debut eurobond priced with 8.75% coupon.
Nigeria’s Diamond Bank has raised US$200mn from its first eurobond almost a year after starting to plan a debt deal.
The bank’s five-year unsubordinated notes were sold this week with a coupon of 8.75%. Citi ran the deal.
In a research note, Standard Bank analyst Samir Gadio said Diamond Bank had planned to place a tier II eurobond last June, but postponed the deal due to an “adverse market environment”.