PHOTO
The Africa Finance Corporation (AFC) has issued a $500 million Eurobond and generated significant interest from investors in the Middle East and other markets.
The latest issuance drew an order book exceeding $1.2 billion, AFC said in a statement on Wednesday.
The five-year note offers a coupon of 5.55%. It is AFC’s first issuance in the international debt capital markets after about three years.
The proceeds from the bond, listed on the Euronext Dublin and the London Stock Exchange, will be used to support AFC’s efforts to drive industrialisation and development across Africa.
“The issuance generated significant interest across Europe, Asia, United States and the Middle East, resulting in a peak book that was over two and a half times oversubscribed,” AFC said.
The Eurobond was issued under AFC’s $5 billion Global Medium-Term Note (GMTN) programme.
(Writing by Cleofe Maceda; editing by Seban Scaria)
