October 17, 2018

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GTBank seeks to redeem $500m Eurobond early

GTBank seeks to redeem $500m Eurobond early

Nigeria’s Guaranty Trust Bank (GT Bank) launched a tender offer on Friday to repay a $500-million Eurobond early, a move to deploy its available dollar liquidity ahead of the debt’s maturity.

The bank said the notes, priced to yield 7.5 percent, were due to mature in May 2016 and that the tender was voluntary. It said in a tender notice the bank would maintain cash to repay any outstanding debt not tendered.

The naira’s exchange rate has dropped 35 percent below its official level on the black market, weighed down by sinking oil prices and speculation that Africa’s biggest economy will have to formally devalue. Read more

 

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