Nigerian lender Fidelity Bank said on Wednesday, 28 October 2026, that it had fully redeemed its $400 million Eurobond on the day the notes matured. The bank settled the principal and final accrued interest, completing a five-year international borrowing programme launched in October 2021.
The senior unsecured notes were issued on 28 October 2021 with a 7.625% annual coupon paid semi-annually. Fidelity Bank’s financial statements say the proceeds supported general corporate purposes, including trade finance. The repayment closes out its third international bond issue after earlier transactions in 2013 and 2017.
Liquidity set aside over the bond’s life
Fidelity Bank said it made every scheduled coupon payment and funded the final redemption from cash generated within the business. It had gradually built up a dedicated sinking fund to prepare for the $400 million maturity, allowing it to settle the obligation while maintaining normal banking operations, according to its statement.
The repayment illustrates how the lender managed a substantial foreign-currency debt maturity within its existing liquidity arrangements. By meeting the payment in full, Fidelity Bank has completed an obligation to international bondholders on the terms set when the notes were first sold five years earlier.
Investor orders for the 2021 issue exceeded $700 million against the $400 million offering, the bank said. Fidelity Bank had previously raised $300 million through a Eurobond in 2013 and $400 million in 2017. Its latest redemption follows a recapitalisation exercise that the lender says increased its eligible regulatory capital to approximately 533 billion naira.