Fidelity Bank Plans To Raise $500 Million From The International Debt Capital Market

Fidelity Bank Plc, a leading tier-2 lender, began investor meetings on Monday, October 18, as the bank explores raising $500 million from the foreign debt capital market.

Fidelity Bank intends to raise $500 million by issuing 5-year unsecured notes due 2026, the proceeds of which will be utilized for general company purposes, including supporting its trade financing business.

Fidelity Bank aims to list the Notes on the Irish Stock Exchange, where they will be traded on its regulated market. According to a statement filed with the Nigerian Exchange Limited (NGX) and signed by Ezinwa Unuigboje, Fidelity Bank’s secretary, “the Securities and Exchange Commission has confirmed that it has no objection to the Transaction.”

Fidelity Bank Plc recorded a profit before tax of N20.6 billion in the first half of the fiscal year 2021, up from N12 billion in the first half of the fiscal year 2020. Gross Earnings grew by 6.2 percent year on year (YoY) to N112.3 billion for the half-year ended June 30, 2021, owing to a 27.8 percent increase in Non-Interest Revenue (NIR) to N23.8 billion from N18.1 billion in H1 2020.