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Afreximbank’s record $1.5bn bond sale signals renewed global confidence in the continent’s growth prospects, but investors still demand a premium for risk
Cairo, Egypt | THE INDEPENDENT | Africa’s multilateral lender, African Export-Import Bank (Afreximbank), secured its largest bond issuance on record after raising $1.5 billion from international investors, marking its return to the US dollar public debt market for the first time in nearly five years.
The Cairo-based lender priced a dual-tranche senior unsecured Eurobond, attracting strong demand from investors across the United States, Europe, the United Kingdom and Asia as markets continue to seek exposure to Africa’s long-term growth opportunities.
The transaction, which was issued under Reg S/144A formats, was split equally between two maturities: a $750 million 5.5-year tranche due in January 2032 and a $750 million 10-year tranche maturing in July 2036.
Investor demand peaked at $3.8 billion, more than double the amount offered, allowing Afreximbank to tighten pricing by 37.5 basis points on both tranches.
The shorter-dated notes priced at a yield of 6.25%, while the 10-year bonds carried a yield of 7.125%.
The successful sale represents Afreximbank’s first US dollar benchmark public bond issuance since July 2021 and highlights renewed investor appetite for high-quality African issuers despite tighter global financial conditions.
“This successful issuance shows the confidence that investors continue to place in Afreximbank and in Africa’s growth story,” said Chandi Mwenebungu, Afreximbank’s Managing Director for Treasury and Markets and Group Treasurer.
“For us, this is a clear sign that the market continues to believe in Afreximbank’s work and in Africa’s economic prospects. Our role remains to connect capital to the opportunities that will drive trade, industrialisation and growth across the continent.”
Investors return to Africa’s growth story
The bond sale comes as African governments and development finance institutions seek greater access to international capital markets to fund infrastructure, trade and industrial development projects.
For Afreximbank, the issuance strengthens its funding base as it expands financing support for intra-African trade, industrialisation and economic integration.
The bank had remained active in global capital markets through alternative instruments and currencies in recent years, including Samurai bond issuances in Japan in 2024 and 2025 and a Panda bond issuance in China in 2025.
The latest dollar bond marks a return to one of the world’s deepest capital markets and demonstrates the institution’s ability to attract global investors across different market cycles.
The strong order book also signals continued confidence in Afreximbank’s credit profile and its role in supporting Africa’s economic transformation.
Largest issuance in Afreximbank’s history
The $1.5 billion transaction is Afreximbank’s largest bond issuance to date, reinforcing its position as one of Africa’s most prominent multilateral financial institutions.
The bank has increasingly relied on international capital markets to complement shareholder capital and expand its lending capacity across the continent.
Demand was evenly distributed between the two tranches, indicating investor interest across both medium- and long-term African debt exposure.
HSBC Bank plc served as Global Co-ordinator for the transaction, while Standard Bank of South Africa Limited, Standard Chartered Bank, Commerzbank Aktiengesellschaft and MUFG Securities EMEA plc acted as Joint Lead Managers and Joint Bookrunners.
The successful pricing underscores Afreximbank’s continued ability to access international financing on competitive terms while connecting global investors with Africa’s development opportunities.
As African economies seek to increase trade, expand manufacturing capacity and attract investment, institutions such as Afreximbank are positioning themselves as key channels for directing international capital towards the continent’s growth ambitions.
