Lagos-based AFC issues $500 million Eurobond

AFC Chief Executive Officer, Andrew Alli

AFC Chief Executive Officer, Andrew Alli

From OKORO CHINEDU in Lagos, Nigeria
LAGOS, (CAJ News) – AFRICA Finance Corporation (AFC), the leading pan-African multilateral development finance institution and project developer, has issued a US$500 million, seven-year Eurobond.
The senior, unsecured instrument carries a coupon of 3,875 percent and was priced to yield 4 percent. It matures in April 2024.
The Eurobond received strong global interest, with an order book of US$2,4 billion, representing about 5 times over-subscription from 231 investors across the Middle East, Asia, the United Kingdom, Europe and the United States.
Prior to the launch of the bond, Lagos-based AFC conducted a roadshow in London, Hong Kong, Singapore, the United Arab Emirates, and the United States.
The bond is AFC’s second benchmark Eurobond issuance under the corporation’s US$3 billion Global Medium Term Note Programme.
AFC is only the second African development finance institution to issue a Eurobond with maturity longer than 5 years.
AFC Chief Executive Officer, Andrew Alli, said AFC had been committed for the last ten years to investing in projects that drive sustainable growth and development in Africa.
In that time, it has invested over US$4 billion in 28 African countries.
Key to delivering this are our fund-raising activities around the world, promoting the very real investment opportunities that exist in African infrastructure.
“The strong interest in this bond reflects investors’ confidence in AFC’s credit, strategy and risk management culture, as well as appetite for exposure to the returns available in African markets.”
CAJ News

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Posted by on Apr 11 2017. Filed under Africa & World, Featured, Finance, Finance & Banking, National, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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