United Bank for Africa (UBA) is preparing to meet $600 million in debt obligations scheduled for November 2026. The amount consists of two separate $300 million loans, including an international bond and financing from Afreximbank. However, the repayment status of the second facility remains uncertain.
First, UBA raised $300 million through a five-year bond issued in November 2021. The bond carries an annual interest rate of 6.75% and is listed on the London market. The bank must repay the principal in full on November 19, 2026.
In addition, UBA’s 2025 audited financial statements show a $300 million commercial financing facility granted by Afreximbank in November 2025. The agreement runs for 12 months and requires the repayment of both principal and interest at maturity.
As of March 31, 2026, both debts were still recorded in UBA’s accounts, with carrying values of 425 billion naira and 423 billion naira. Nevertheless, available information does not establish whether the Afreximbank loan has since been repaid or renewed.
Fitch Sees No Need for New Borrowing
Meanwhile, Fitch Ratings considers UBA capable of repaying its $300 million eurobond without issuing new debt. In an assessment published in May, the agency pointed to the bank’s available liquidity, including its foreign currency resources.
Furthermore, on October 14, Fitch changed UBA’s outlook from stable to positive while keeping its international rating at B. This decision followed an improvement in Nigeria’s economic outlook.
At the same time, African companies are increasingly accessing international bond markets. According to Bank of America, foreign-currency bond issuance by African companies reac
