Diamond Bank suspends $550 million bond issue

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Diamond Bank has suspended the launch of its seven-year $550 million bond due to pricing turbulence in the international debt market, it said in a presentation seen by Reuters on Tuesday.

“Our efforts towards injection of Tier II capital have been put on hold following the persisting pricing turbulence in the international debt market,” it said, ahead of a conference call with analysts on Tuesday to discuss its nine-month results.

Diamond’s bond was marketed by France’s BNP Paribas and Afrexim Bank as lead managers.

 

 

[Bloomberg]

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