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ETI Eurobond
Proparco is participating, as a lead investor, in the first Eurobond issue by Ecobank, a major banking group for financing Africa’s economy. PROPARCO is thereby facilitating the mobilization of private investors who are less familiar with emerging markets and is contributing to the development of the African debt capital market.
Client presentation

Ecobank Group was set up in 1985 and is today the largest pan-African group by the number of branches, with a presence in 36 countries. Ecobank Transnational Incorporated (ETI) is registered in Lomé (Togo) and is the group’s parent company. ETI has been listed on three West African stock exchanges since 2006 (Abidjan, Lagos, Accra).

Project description

This subscription for a nominal amount of USD 35m to the USD 450m Inaugural Bond issued by ETI is the result of a long-term partnership between PROPARCO and ETI. Proparco has participated in this transaction as an anchor investor (lead investor) alongside its Dutch counterpart, FMO. The presence of the two institutions in the round has allowed ETI to attract and reassure private investors who are less familiar with emerging markets. 
This issue will allow ETI Group to strengthen its balance sheet structure by replacing short-term commitments raised in 2018 by longer-term financing and thereby best serve the interests of its subsidiaries, most of which are among the main banking institutions in their countries of operation. 

Project impact

Proparco’s operation is helping to mobilize private investors for a key banking group for financing the continent’s economy, which is present in 36 countries and with which Proparco has built a long-standing partnership. 

01/04/2019
Date of signature of the project
Multi-country Global Togo
Location
Financing tool
31 191 516 Euros
Amount of funding
Prêt de 35 MUSD
Financing details
ECOBANK TRANSNATIONAL INCORPORATED
Client
CES