Cairo, 21 October 2024 –
The African Export-Import Bank (Afreximbank) has announced its successful role as Joint Lead Manager and Bookrunner on a USD 400 million senior unsecured note issuance for Ecobank Transnational Incorporated (ETI). The issuance, with a 10.125% yield under Rule 144a/RegS, is due for maturity in October 2029.
This move will allow ETI to utilize the proceeds for general corporate purposes, including refinancing a USD 350 million senior bridge-to-bond loan that Afreximbank co-arranged earlier this year. The bond attracted substantial interest, achieving an oversubscription rate of 2.1x, supported by over 70 prominent investors, including development finance institutions, asset managers, commercial banks, and insurance companies across Africa, Europe, the Middle East, and the US.
Professor Benedict Oramah, President of Afreximbank, expressed the Bank’s pride in facilitating the transaction:
“This bond issuance marks the first public Eurobond issuance by any Sub-Saharan African financial institution since 2021. Afreximbank remains committed to creating innovative market access solutions for our pan-African banking partners.”
Afreximbank’s Advisory and Capital Markets (ACMA) department took on the lead role in the issuance, collaborating with both African and international partners.
Read more in the Press Release here:
