Nigeria-based Fidelity Bank Plc issued $400 million of 10.75% securities with a maturity of five years, Bloomberg News reported, citing "a person familiar with the matter."

The transaction, which had guidance of roughly 11%, was the highest-yielding eurobond from emerging markets in 2017 and is the first from the Nigerian lender, according to the report.

Meanwhile, Fidelity Bank announced the results of its offer to repurchase a $300 million series of 6.875% notes due May 9, 2018, saying roughly $255.5 million in aggregate principal amount were validly tendered. The company intends to accept the notes for purchase and will pay $1,010 per $1,000 in principal amount, plus accrued interest.

Fidelity Bank said in September that it will use proceeds from the offering of new notes to finance the tender offer and for general banking purposes.