Guaranty Trust Bank (GTB) came to the market in January with a $350 million Eurobond and became the first domestic borrower from Nigeria to access the international markets. Since then, two other banks, First Bank of Nigeria (FBN) and First City Monument Bank (FCMB), have also completed international deals.
In the first week of March, First City Monument Bank priced $100 million of credit-linked notes through HSBC. The privately placed, non-secured structured debt was deemed a landmark deal for FCMB, as it entered the international markets for the first time, and for Nigeria, as it was the first deal of this kind to come out of the country.
FCMB plans to use...
