#Capital || FirstBank Redeems $350M Eurobond

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FirstBank Redeems $350M Eurobond, Reinforces Market Confidence and ALM Strength 💼💰


On October 27, 2025, First Bank of Nigeria Limited, the flagship subsidiary of FirstHoldCo Plc, successfully redeemed its $350 million Eurobond—entirely from its own balance sheet. This milestone underscores the Bank’s disciplined approach to asset and liability management (ALM), robust foreign currency liquidity, and long-standing credibility in global capital markets.


📊 Originally issued in October 2020 as Senior Notes with an 8.625% coupon rate, the Eurobond was 70% oversubscribed at launch, reflecting strong investor confidence in FirstBank’s governance and market reputation.


💡 Proceeds from the issuance were deployed to strategic customer projects and national initiatives, reinforcing FirstBank’s role in Nigeria’s economic development.


🔁 With this redemption, FirstBank has now retired a total of $1.275 billion across four Eurobond maturities since its inaugural issuance in 2007.


📈 Ratings Update:

- **Fitch:** Long-Term IDR affirmed at ‘B’; National Long-Term upgraded to A+(nga) from A(nga) ✅

- **S&P:** Ratings affirmed at B-/Stable 📉


🏆 Accolades:

- Named “Best Bank for Corporates 2024” by Euromoney, Global Finance, and World Economic Magazine



🗣️ CEO Olusegun Alebiosu commented:  

*"This redemption is entirely from the Bank’s balance sheet, reflecting FirstBank’s superior ALM, unrivalled franchise strength, and the confidence of the investment community."*


With 131 years of banking leadership across Nigeria and Sub-Saharan Africa, FirstBank continues to deliver differentiated transaction banking, treasury, and cash management solutions—powered by recent tech investments aimed at streamlining operations and enhancing customer experience.





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