Nigeria’s leading commercial lender by total assets, Access Bank Plc, is set to raise N125 billion from the debt capital market following its successful recapitalisation.
After exceeding the N500 billion new capital requirement for lenders with international authorisation, the bank is preparing to secure additional funds in 2025.
In a ratings note, GCR Ratings has assigned an indicative long-term issue rating of AA (NG) (IR) to Access Bank Plc’s proposed N125 billion series 1 fixed rate senior unsecured bonds, maintaining a stable outlook.
“Indicative ratings indicate that a credit rating has been accorded based on review of final draft documentation and expectations regarding final documentation,” GCR said.
The bond issuance is part of a N600 billion debt and hybrid instrument programme that the bank is registering with the Securities and Exchange Commission.
According to the ratings note, the proposed Series 1 bonds will have a two-year tenor and will constitute direct, unconditional, senior, unsecured, and unsubordinated obligations of the issuer, ranking pari passu with other unsecured debts.
GCR recently assigned national scale long- and short-term ratings of AA(NG) and A1+(NG) to Access Bank, highlighting its competitive strengths, solid funding capacity from local and international financiers, and strong asset quality.
“The bonds are senior unsecured, bearing the same default risk as the issuer and reflecting similar recovery prospects for senior unsecured creditors in the event of default.
“As such, the long-term rating of the bonds aligns with the issuer’s long-term rating. Any change in the issuer’s rating will directly impact the rating of the bonds,” GCR explained.
Access Bank Plc, Nigeria’s largest bank by assets, operates in key markets across Africa, Europe, and Asia. The stable outlook reflects the bank’s strong business and financial profile, with expectations that key credit metrics will remain within the assigned rating level.
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