FirstBank demonstrates effective assets and liability management with Eurobond Redemption

First  Bank of Nigeria Limited (FirstBank), the premier bank in West Africa and a leading financial inclusion service provider, has announced  that  it  has redeemed its $350 million Eurobond upon maturity on 27 October 2025.

The Eurobond was issued as Senior Notes in October 2020 at 8.625% with semi-annual coupon payments, which was 70% oversubscribed at the time, evidencing FirstBank’s deep market access and investor confidence.

The proceeds of the Senior Notes were used to, among others, finance various customer projects and activities, some of which were of vital national and economic importance.

This redemption reflects FirstBank’s effective liability management strategy and further demonstrates the Bank’s robust foreign currency liquidity and unrivalled franchise strength, while cementing the Bank as a preferred issuer in the international investment community. With this redemption, FirstBank has now successfully redeemed $1.275 billion over 4 maturities, since it 2007 vintage issue.

Commenting on the milestone, CEO, FirstBank Group, Olusegun Alebiosu, stated, “This redemption is entirely from the Bank’s balance sheet, reflecting FirstBank’s superior assets and liabilities management, the unrivalled franchise strength and reinforces the confidence that the investment community reposes in FirstBank.”

Mr. Alebiosu reaffirmed FirstBank’s 131-year legacy as a leader in corporate banking in Nigeria and across Sub-Saharan Africa. He also assured customers of the Bank’s commitment to meeting their transaction banking, treasury and cash management needs, through differentiated product offerings, powered by recent cutting-edge technological investments aimed at further streamlining its processes and improving customer experience.

Recently, Fitch affirmed FirstBank’s Long-Term Issuer Default Ratings (IDRs) at ‘B’ and upgraded the bank’s National Long-Term Ratings to ‘A+(nga)’ from ‘A(nga)’, both with ‘Stable’ outlooks, further reinforcing the Bank’s credit capacity and excellent balance sheet quality.

In recognition of FirstBank’s leadership in corporate and transaction banking in Nigeria, the Bank was awarded the Best Bank for Corporates in 2024 by Euromoney, Global Finance and World Economic Magazine.

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