The Eurobond notes were issued on May 30, 2017, as the second tranche of the US$1billion Global Medium Term Programme, with a five-year tenor and a coupon of 7.375 percent, Zenith said in a statement to the Nigerian Exchange Limited on Tuesday.

A Eurobond issue may be used to finance a company’s expansion into a foreign market. The bond raises the money needed in the currency that is needed, without the forex risk.

In September 2019, Zenith redeemed US$392.6million of the notes through a Cash Tender offer ahead of its maturity date of May 30, 2022, the bank explained.

Zenith Bank Plc is a large financial service provider in Nigeria and Anglophone West Africa.

It is licensed as a commercial bank by the Central Bank of Nigeria, the national banking regulator. As of 31 December 2019, it holds $16.1bn in total assets, with shareholders’ equity of $854 million.