Ecobank Nigeria launches tender offer for outstanding 2026 US$ senior note

On 28 November 2025 Ecobank Nigeria commenced a tender offer for its outstanding US$300 million 7.125% Senior Notes due 2026 (about US$150m still outstanding), offering US$1,000 per US$1,000 plus accrued interest and expected to settle on or before 31 December 2025.

The announced buyback removes potential near-term secondary supply for the 2026 line and should mechanically tighten technicals for that specific bond if take-up is meaningful. The broader impact on Nigerian bank USD curves depends on tender size, funding source (cash vs. new issuance) and investor reallocation; it may provide short-term relief for nearby bank USD spreads but does not itself change credit fundamentals.

Tender settlement and take-up results expected on or before 31 December 2025; monitor disclosed funding source and any follow-on liability actions.