African Export-Import Bank (Afreximbank) raised $1.5 billion in its largest-ever bond sale, pricing a dual-tranche Reg S/144A senior unsecured Eurobond on July 16 in its first US dollar public market appearance since July 2021.
The deal split evenly into a $750 million 5.5-year note maturing January 2032 and a $750 million 10-year note due July 2036. Orders peaked at $3.8 billion, leaving the transaction roughly two times oversubscribed with demand balanced across both tranches from investors in the UK, Europe, Asia and the US. Afreximbank tightened pricing by 37.5 basis points on each tranche, locking in yields of 6.25% for the shorter note and 7.125% for the longer one.
The return to the dollar market follows recent Samurai bond sales in 2024 and 2025 and a Panda bond in 2025. “This successful issuance shows the confidence that investors continue to place in Afreximbank and in Africa’s growth story,” said Chandi Mwenebungu, the bank’s managing director of treasury and markets and group treasurer. “Our role remains to connect capital to the opportunities that will drive trade, industrialisation and growth across the continent.”
HSBC served as global coordinator. Standard Bank Group Bank of South Africa, Standard Chartered, Commerzbank AG and MUFG Securities EMEA acted as joint lead managers and joint bookrunners.
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