Access Bank Plc has announced the issuance of the 1st Certified corporate green bond in Africa, raising N15 billion (USD41 million). The launch ceremony was held at the FMDQ OTC Exchange.
The five-year, 15.50% fixed rate bond was fully subscribed and has been awarded an Aa- rating by Agusto & Co., with underlying framework verified by PwC (UK), and certification by the Climate Bonds Initiative.
The popularity of the issuance is another pointer to the potential of the Nigerian green finance market.
Nigeria attracted international attention in since December 2017 when it became the first nation in Africa and only the fourth nation internationally to issue a Sovereign Green Bond, raising USD29m in a Climate Bonds Certified issuance.
The Access Bank issuance is the first corporate bond to benefit from the Nigerian Green Bond Market Development Programme launched in June 2018, by FMDQ, Climate Bonds Initiative and the Financial Sector Deepening Africa (FSD Africa).