“If the bank receives the capital injection from its parent within the next couple of months, we anticipate that it will no longer be in breach of the minimum CAR. This would probably remove the risk associated with the bond acceleration. If it does not receive the promised support, we think default appears inevitable. Therefore, we revised Ecobank Nigeria’s stand-alone credit profile (SACP) to ‘cc’ from ‘ccc’,” the report stated.
Ecobank Nigeria has announced a tender offer to buy back $150 million, or half of its outstanding senior unsecured Eurobond at par, together with accrued interest.
The offer includes an early tender premium of $12.5 per $1,000 of the principal amount (1.25%) and the most likely settlement date will be July 8, 2025.
