NairaLife Forum

Welcome, Guest: / / Trending / Recent / New
Stats: 1,907,829 members, 3,897,043 topics. Date: Tuesday, 07 November 2017 at 12:42 AM

Fidelity Bank Launches $500 Million Eurobond To Boost Operations - Business - NairaLife

NairaLife Forum / NairaLife / General / Business / Fidelity Bank Launches $500 Million Eurobond To Boost Operations (3563 Views)

Wema Bank Launches ALAT, First USA 100% Digital Bank / USA’s $1 Billion Eurobond Oversubscribed By 7 Folds / Wema Bank Launches Solar-powered Mobile Branch (1) (2) (3) (4)

(0) (Reply) (Go Down)

Fidelity Bank Launches $500 Million Eurobond To Boost Operations by froz(m): 3:46pm On Sep 29
Fidelity Bank Plc thursday announced plans to launch up to $500 million Senior Unsecured Medium Notes (Eurobond) as well as a tender offer to purchase the banks’ outstanding $300 million 6.875 per cent Notes due May 9, 2018.

Fidelity Bank disclosed this in a notification to the USA Stock Exchange (NSE). According to the bank, it intends to list the $500 million on the Irish Stock Exchange with the expectations that the notes will be traded on its regulated market.

The bank said it intended to issue the notes directly but will retain the flexibility to substitute issuer with an offshore special purpose vehicle (SPV), where market conditions require and allow for such prior to the maturity of the notes.

Fidelity Bank Plc said the Central Bank of USA (CBN) and Securities and Exchange Commission (SEC), have given ‘no objection’ approvals to the transaction.

According to the bank, the net proceeds of the notes will be used to finance the tender offer of existing notes and for its general banking purposes.

“The bank will pay the net proceeds from the notes issuance after settling the existing notes in foreign currency or converted into Naira, depending on the bank’s requirement from time to time,” it said.
Market analysts said, if successfully raised, the new funds would help to boost the bank’s performance going forward.

Fidelity Bank had ended the half year to June 30, 2017 with an impressive financial results, posting growth in key performance indicators.

The bank posted gross earnings of N85.8 billion in H1 of 2017, up 22 per cent from N70.2 billion recorded in the corresponding period of 2016. Interest income grew by 27.8 per cent, while interest expenses grew faster by 48 per cent to hit N38.2 billion compared with 25.7 billion in 2016. As a result, net interest income stood at N34.7 billion in 2017 compared with N31.2 billion, indicating a rise of 11 per cent. Impairment charges remained flat at N4.8 billion in 2017 as against N4.79 billion in 2016.

Despite the high inflationary trend, the bank reduced operating expenses by 1.7 per cent to N30.9 billion, from N31.4 billion in the corresponding period of 2016.

Consequently, profit before tax (PBT) rose by 66.6 per cent to N10.2 billion, from N6.131 billion in 2016, while profit after tax (PAT) improved by 65.6 per cent from N5.457 billion to N9.04 billion in 2017. Earnings per share similarly improved to 31 kobo as against 19 kobo in 2016.

Source:https://brandspurng.com/fidelity-bank-launches-500-million-eurobond-to-boost-operations/

1 Like

Re: Fidelity Bank Launches $500 Million Eurobond To Boost Operations by rodeo0070(m): 5:39am On Sep 30
Dem try
Re: Fidelity Bank Launches $500 Million Eurobond To Boost Operations by billycayana(f): 5:59am On Sep 30
cool
Re: Fidelity Bank Launches $500 Million Eurobond To Boost Operations by tripleY(m): 7:37am On Sep 30
wink
Re: Fidelity Bank Launches $500 Million Eurobond To Boost Operations by Priceless200(f): 9:38am On Sep 30
What does this mean? Them wan sell shares by next year or what? Someone explain more. I need to get grip with real investment opportunities hence..

2 Likes

Re: Fidelity Bank Launches $500 Million Eurobond To Boost Operations by smartty68(m): 9:43am On Sep 30
Let them continue declaring their exorbitant figures. I dey come

2 Likes 2 Shares

Re: Fidelity Bank Launches $500 Million Eurobond To Boost Operations by deepwater(f): 9:46am On Sep 30
Lol
Re: Fidelity Bank Launches $500 Million Eurobond To Boost Operations by davide470(m): 10:01am On Sep 30
Priceless200:
What does this mean? Them wan sell shares by next year or what? Someone explain more. I need to get grip with real investment opportunities hence..
It means they are borrowing more money to pay the money they borrowed which would mature in 2018.

The remaining money would be used to strengthen their operations and ability to make more profit.

So, Yes, it is a good investment opportunity to key into Fidelity Bank.

2 Likes

Re: Fidelity Bank Launches $500 Million Eurobond To Boost Operations by libertyhope2017: 10:02am On Sep 30
Biafran run banks are the best...Fidelity, Diamond, UBA and Zenith...top notch! Whenever I go to GTB, just entering the building and lobby, how disorganized it's, you need no one to tell you it's a yoruba bank.

2 Likes

Re: Fidelity Bank Launches $500 Million Eurobond To Boost Operations by kazantip: 10:08am On Sep 30
Why tie my money in some hopeless bank's bonds while i could just take $100k and invest in DASH, MONERO, ETHERUM or BITCOIN and become a multimillionaire in a few years time?

1 Like

Re: Fidelity Bank Launches $500 Million Eurobond To Boost Operations by Mopolchi: 10:10am On Sep 30
libertyhope2017:
Biafran run banks are they best...Fidelity, Diamond, UBA and Zenith...top notch! Whenver I got to GTB, just entering the building and lobby, how disorganized it's, you need no one to tell you it's a yoruba bank.

1 Like

Re: Fidelity Bank Launches $500 Million Eurobond To Boost Operations by Priceless200(f): 10:11am On Sep 30
kazantip:
Why tie my money in some hopeless bank's bonds while i could just take $100k and invest in DASH, MONERO, ETHERUM or BITCOIN and become a multimillionaire in a few years time?
Hmmmmm.....
Re: Fidelity Bank Launches $500 Million Eurobond To Boost Operations by buJu234: 10:39am On Sep 30
@OP

How can one invest in this fidelity eurobond?
Re: Fidelity Bank Launches $500 Million Eurobond To Boost Operations by Ezechinwa(m): 11:59am On Sep 30
[quote author=Mopolchi post=60968059][/quote]
Ignore the fool... his just jobless
Re: Fidelity Bank Launches $500 Million Eurobond To Boost Operations by Aboguede: 2:04pm On Sep 30
sumply go to any fidelity branch and tell the customer's care servise that you want buy the bank's bond and they will direct you to the right office.
Re: Fidelity Bank Launches $500 Million Eurobond To Boost Operations by Vuvuzela101: 2:51pm On Sep 30
I love fidelitybank. Good service and financially strong.

(0) (Reply)

Access Bank Atm / Let Me Be Ur Guide This Season- (9jagames Online Prediction Community) / Fund Your Betting Account Instantly

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (0) (1) (2) (3) (4) (5) (6) (7) (8) (9)

NairaLife - Copyright © 2005 - 2017 . All rights reserved. See How To Advertise. 58
Disclaimer: Every NairaLife member is solely responsible for anything that he/she posts or uploads on NairaLife.