Ecobank Transnational ETI USD 450M Nature Eurobond Priced

Ecobank Transnational Incorporated (ETI) has priced a USD 450,000,000 Sustainable Agriculture & Natural Capital Bond, structured as Tier 2 capital instruments with a 10.25-year tenor, callable in 5.25 years. The notes are to be listed on the main market of the London Stock Exchange, with settlement expected on 19 May 2026.

The transaction was originally targeted at USD 350 million but was upsized by USD 100 million after the final orderbook exceeded USD 1.36 billion, representing a 3.9x oversubscription. Pricing was tightened by 50 basis points on the back of demand. Investors participated from the United Kingdom, continental Europe, the United States, the Middle East, Asia and Africa. FMO, the Dutch entrepreneurial development bank, provided an anchor order of USD 50 million.

ETI described the bond as the first use-of-proceeds green bond with the ICMA Nature Bond secondary designation issued by a commercial bank globally, and the first ICMA-aligned nature bond from any African commercial bank. Moody's Ratings awarded the transaction a Sustainability Quality Score of SQS1 — Excellent — described as the highest possible score for a pan-African commercial bank.

Net proceeds will be used to fund a tender offer for ETI's existing USD 350 million 8.750% Tier 2 Sustainability Notes due June 2031 and to finance eligible sustainable agriculture and water infrastructure loans across 24 African countries. The notes are not registered for offer or sale in Nigeria, Ghana, or UEMOA.