February 19, 2020

Interswitch Africa One Plc ₦23 Billion 15.00% Fixed Rate Series 1 Senior Unsecured Bonds Due 2026

FBNQuest Merchant Bank Limited successfully led a consortium of five (5) issuing houses to arrange, structure and issue Series 1 Bond out of the ₦30 billion Bond Issuance programme launched in May 2019.

As Joint Lead Issuing house/Book Runner, we advised on the transaction structure and marketing strategy for the bonds including market timing, investor road show (in Lagos and Abuja) and crafting an appropriate credit story for the client. FBNQuest Securities also played a vital role by acting as the Stockbrokers to the listing of the first Corporate Debt listing on the NSE’s Daily Official List in 2020.

The Bonds were successfully distributed to a diversified mix of investors which included Pension Fund Administrators (PFAs), Banks, Asset Managers and Others. The ₦23 billion offer was 221.9% over – subscribed. The success of the transaction with an initial order book of 250% is a testament to the leading role of the company in the technology and payment processing space where they have consistently led innovation and product development. We are proud to have led this milestone transaction.