First African convertible bond lists on London Stock Exchange
Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has issued a $150 million convertible bond on the London Stock Exchange’s new International Securities Market (ISM).
ETI is the first African convertible bond to list in London.
Greg Davis (pictured), Group CFO and Executive Director, Ecobank Transnational Incorporated, and a former Moving into Africa award winner, said:
"This is the first issuance of its kind for Ecobank outside of Africa. As such, it represents a milestone in terms of our connectivity with international investors, leveraging on the transactional bridge between the Nigerian and London Stock Exchange. Through London, we attract the world's largest investors and international visibility, complementing the domestic market, which is something we will continue to do for Ecobank and our clients."
According to the London Stock Exchange Group, the addition of ETI brings the total volume admitted on the platform to over $1.2 billion since its launch in May this year. Nikhil Rathi, CEO of the London Stock Exchange calls this a "significant milestone for both Ecobank and London Stock Exchange". She said:
"The successful admission is a reflection of international investors' interest in the Africa growth story. It also highlights London Stock Exchange's position as a strong partner to the African continent and the City as a leading global venue for raising equity and debt finance."