Ecobank Targets Global Investors in New Debt Raise Strategy

Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has announced plans to raise funds from the international debt capital market to refinance existing debt and expand its green financing portfolio.

The company disclosed the plan in a filing submitted to the Nigerian Exchange Limited, Ghana Stock Exchange, and the Bourse Régionale des Valeurs Mobilières on May 7, 2026.

According to the disclosure signed by Group Executive Director and Chief Financial Officer, Ayo Adepoju, ETI intends to issue Tier 2 qualifying Nature Notes under U.S. SEC Rule 144A and Regulation S as part of its broader capital management and sustainability strategy.

ETI stated that the proceeds from the proposed issuance will primarily be used to finance a concurrent “any-and-all” tender offer for its existing $350 million 8.750% Tier 2 Notes due June 2031.

The bank added that the net proceeds would also support the financing and refinancing of eligible green assets under its Green Bond Framework.

• “The net proceeds of the issue of the Notes will be deployed to finance the concurrent any-and-all tender offer of the ETI U.S.$350 million 8.750% Tier 2 notes due June 2031.” 
• “ETI will allocate an amount equivalent to the full net proceeds of the issue of the Notes to finance or re-finance, in part or in full, new and/or existing eligible assets as described in ETI’s Green Bond Framework.”  
• “ETI intends to list the Notes on the London Stock Exchange, with the expectation that the Notes will be traded on its regulated market,” it stated.

The company said the planned issuance reflects its commitment to strengthening its capital structure while advancing sustainable finance initiatives across its operations.

The proposed debt raise follows ETI’s $250 million Additional Tier 1 (AT1) capital issuance approved by shareholders during an Extraordinary General Meeting held on May 28, 2025, in Lomé.

The issuance commenced on July 9, 2025, through a 10-day private placement of contingent convertible notes aimed at reinforcing the bank’s regulatory capital position.

• The AT1 issuance was designed to strengthen the Group’s capital adequacy and financial resilience.
• The instrument qualified as Additional Tier 1 capital under Basel III regulatory requirements.
• ETI stated at the time that the issuance was conducted exclusively through private placement and did not constitute a public offer of securities.

The capital exercise formed part of the Group’s long-term strategy to support expansion across its pan-African banking operations.

ETI noted that the proposed Nature Notes transaction remains subject to market conditions and the completion of required documentation.

• The planned issuance aligns with Ecobank’s broader strategy to strengthen its capital base while scaling sustainable finance initiatives across its 34-country African network.
• ETI also noted that final transaction documentation must be completed before the deal proceeds.
• The proposed listing on the London Stock Exchange is expected to enhance investor access and visibility.

The transaction further highlights the growing interest among African financial institutions in tapping international capital markets to fund sustainability-focused projects.