GTBank to issue new Eurobond


Guaranty Trust Bank Plc will redeem its existing Eurobond at maturity and consider issuing a fresh one, according to its chief executive.

“We probably will redeem everything, but we might raise fresh bond … subject to pricing, prevailing environment,” Segun Agbaje told an investor conference call.

Agbaje said he expected Nigeria to devalue its currency again by another 10 percent owing to the persistent decline in crude oil prices which have spooked foreign investors and prompted them to exit naira-denominated assets.

The bank reported an 18.2 percent rise in first-half pretax profit to N63.11 billion ($317 million), compared with the same period last year.

Gross earnings also climbed to N152.99 billion in the six months to end-June from N132.98 billion a year earlier, the bank said in a statement.

Interest income increased to N113.88 billion from N99.71 billion last year, the bank said.


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