FirstBank Redeems $350m Eurobond, Demonstrates Financial Strength

FirstBank Nigeria Limited announced the successful redemption of its $350 million Eurobond upon maturity on October 27, 2025. The senior note, issued in October 2020 with a coupon rate of 8.625%, was oversubscribed, reflecting strong investor confidence in FirstBank's financial strength.

This redemption highlights the bank's robust foreign currency liquidity, effective liability management, and sound balance sheet strategy. FirstBank has now redeemed a total of $1.275 billion across four Eurobond maturities since its debut issuance in 2007.

The CEO, Olusegun Alebiosu, emphasized that this redemption demonstrates the bank's superior asset-liability management and reinforces investor confidence in its institution. Notably, Fitch Ratings recently affirmed FirstBank's long-term issuer default rating at 'B' with a stable outlook, recognizing its leadership in corporate transactions.

FirstBank has received multiple awards, including the Best Bank for Corporates by Euromoney, Global Finance, and World Economics Magazine in 2024.