Fidelity Bank redeems $400 million Eurobond at maturity

Fidelity Bank Plc has successfully redeemed its 5-year US$400 million Senior Unsecured Notes at maturity, demonstrating its commitment to meeting investor obligations and reinforcing its reputation in the international debt capital markets. Issued on October 28, 2021, the Eurobond carried a 7.625% annual coupon, paid semi-annually, and matured on the same date in 2026.

Throughout the bond's life, Fidelity Bank made all scheduled payments, fully repaying both principal and accrued interest on maturity. The redemption was funded using the Bank's internally generated liquidity, adhering to its forward-looking liquidity management strategy. Fidelity Bank's Managing Director and CEO, Dr/Mrs Nneka Onyeali-Ikpe, highlighted the Bank's disciplined financial management and commitment to fulfilling investor obligations.

The successful redemption underscores Fidelity Bank's strong franchise, prudent balance sheet management, and dedication to honoring its financial commitments. This achievement follows the Bank's recapitalization program, increasing its eligible regulatory capital to approximately ₦533 billion, surpassing the ₦500 billion minimum capital requirement for banks with international authorization.

The milestone highlights Fidelity Bank's robust capital position, effective liquidity management, and disciplined approach to financial execution, reinforcing its ability to meet financial obligations while pursuing growth objectives in domestic and international markets.