Diamond Bank Set To Issue Eurobond

ABUJA – In preparation for the Eurobond it intends to issues, Diamond Bank has asked France’s BNP Paribas and Afrexim Bank to lead an investor road show to Europe, the United States and Asia, Biztellers quoted a source at the bank to have revealed this.

The bank had said that it planned to raise $550 million in debt or equity to expand its lending operations this year. The debt to be raised is part of the $750 million needed for operations, of which $200 million was raised last year.

Diamond Bank Set To Issue EurobondThe Chief Financial Officer, Diamond Bank, Mr. Abdulrahman Yinusa, had said that the bank would use the funds to increase lending to the oil and gas, power and infrastructure sectors.

According to reports made available to biztellers, the amount to be raised would depend on market conditions, noting that the mid-tier lender was aiming for yield of between six and eight percent. Pricing for the bond is expected next week.

 

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