Fidelity Bank Plc has fully redeemed its $400 million Eurobond following its maturity on October 28, 2026, reinforcing its commitment to meeting financial obligations and strengthening its credibility in the international debt capital markets.
The five-year Senior Unsecured Notes, issued on October 28, 2021, carried an annual coupon rate of 7.625 per cent, payable semi-annually.
The bank said it had met all scheduled interest payments throughout the lifespan of the instrument before completing the final repayment of the principal and accrued interest at maturity.
According to the bank, the redemption was funded through internally generated liquidity, supported by a dedicated sinking fund established as part of its forward-looking liquidity management strategy.
The arrangement enabled the bank to progressively provide for the maturity obligation while sustaining its normal business operations and maintaining compliance with applicable regulatory liquidity requirements.
Commenting on the development, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, said the successful redemption demonstrated the bank’s financial discipline and commitment to honouring its obligations to investors.
She said the achievement reflected the strength of the bank’s franchise, prudent balance sheet management and deliberate financial planning.
“This successful redemption demonstrates the strength of our franchise, the discipline of our balance sheet management and our commitment to honouring our obligations to investors and other stakeholders.
“We anticipated this maturity from the outset and planned accordingly, which reflects our commitment to responsible financial management,” Onyeali-Ikpe said.
The latest redemption further consolidates Fidelity Bank’s presence in the international debt capital markets, where it has completed three Eurobond transactions.
Its previous issuances included a $300 million Eurobond in 2013 and a $400 million offering in 2017, before the 2021 transaction.
The 2021 Eurobond attracted investor orders exceeding $700 million, indicating strong international investor appetite for the bank’s debt offering.
The successful repayment also comes after Fidelity Bank completed its recapitalisation programme ahead of the regulatory deadline.
The bank’s capital-raising exercise increased its eligible regulatory capital to approximately ₦533 billion, exceeding the Central Bank of Nigeria’s minimum capital requirement of ₦500 billion for banks with international authorisation.
The development highlights Fidelity Bank’s strengthened capital position, improved financial capacity and disciplined approach to liquidity management.
With the Eurobond obligation fully settled and its recapitalisation programme completed, the bank is expected to sustain its strategic growth drive across domestic and international markets while maintaining its commitment to financial stability and shareholder value.
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