Nigeria’s apex regulatory institution, the Securities and Exchange Commission (SEC), has approved Access Bank Plc’s book building as the bank is set to issue the first corporate green bond in Africa.
In a statement made available to newsmen,
According to Access Bank in a recent statemenr, the book building which commenced on Thursday, February 21, 2019, would be concluded in exactly one week, after which the funding of commitment would begin on Friday, March 1, 2019.
The bank stated, “The bond, a five-year fixed rate senior unsecured green bond of up to N15 billion is the first ever climate bonds standard certified corporate green bond to be issued in Africa, it has been awarded a B2 rating by moody’s and verified by pwc (UK).”
It stated that this followed the certification by the Climate Bond Initiative as having met the Climate Bond Standards.
According to the statement the management of Access Bank had in anticipation of the approval, launched the Nigerian Green Bond Market Development Programme in June 2018, in partnership with FMDQ OTC Securities Exchange and the SEC.
Book building is a systematic process of generating, capturing, and recording investor demand for shares during an initial public offering or other securities during their issuance process, in order to support efficient price discovery.

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