Fidelity Bank Redeems $400 Million Eurobond Successfully

Fidelity Bank Plc has successfully redeemed its 5-Year US$400 million Senior Unsecured Notes at maturity on 28 October 2026. The Eurobond, issued on 28 October 2021, carried an annual coupon of 7.625 percent, payable semi-annually.

Throughout the bond's life, Fidelity Bank met all scheduled coupon payments and fulfilled its final repayment obligation, covering both principal and accrued interest. The redemption was funded from internally generated liquidity, part of the bank's liquidity management strategy.

Dr/Mrs Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, stated that the successful redemption reflects the bank's disciplined financial management and commitment to investors. This redemption strengthens Fidelity Bank's record in international debt capital markets, following its previous Eurobond issuances in 2013 and 2017.

The 2021 issuance attracted over US$700 million in investor orders. The successful redemption follows the completion of the bank's recapitalisation programme, increasing its eligible regulatory capital to approximately N533 billion, exceeding the N500 billion minimum requirement.