Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has successfully priced a USD 450 million Sustainable Agriculture & Natural Capital Tier 2 Eurobond, marking a significant milestone in African sustainable finance.
The 10.25-year callable (in 5.25 years) notes were priced amid strong investor demand, with the final order book exceeding USD 1.36 billion — representing a 3.9 times oversubscription on the initial target size of USD 350 million. This strong reception enabled Ecobank to upsize the issuance by USD 100 million and tighten pricing by 50 basis points. The notes will be listed on the main market of the London Stock Exchange, with settlement scheduled for 19 May 2026.
The transaction stands out as the first ICMA Nature Bond issued by a commercial bank globally. It carries the ICMA Nature Bond secondary designation under the ICMA Sustainable Bonds for Nature guide and aligns with the core components of the ICMA Green Bond Principles. Moody’s Ratings awarded the bond its highest Sustainability Quality Score (SQS1 — Excellent), the top score given to any pan-African commercial bank.
Proceeds from the issuance will primarily fund a concurrent any-and-all tender offer for Ecobank’s outstanding USD 350 million 8.750% Tier 2 Sustainability Notes due June 2031. The remainder will finance or refinance eligible sustainable agriculture and water infrastructure loans across 24 African countries, in line with the bank’s Green Bond Framework.
FMO, the Dutch entrepreneurial development bank, participated with a USD 50 million anchor order, repeating its role from Ecobank’s inaugural Tier 2 Sustainability Notes in 2021.
Renaissance Capital Africa and Standard Chartered Bank served as Joint Lead Managers and Joint Bookrunners, with Ecobank Development Corporation as Co-manager and African Finance Corporation as Financial Adviser.
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