African Export-Import Bank (Afreximbank), through its Advisory and Capital Markets (ACMA) division, has acted as Joint Lead Manager for the debut US$300 million RegS-only international senior unsecured notes issued by Mauritius Commercial Bank (MCB) under its US$3 billion Global Medium Term Note Programme.
The Notes offering, which was announced on 19 April 2023 following a global virtual investor roadshow, attracted strong demand from regional and international investors, with oversubscription supported by asset managers and financial institutions from Africa (36%), UK/Europe (35%), MENA/Asia (24%), and US offshore (5%) respectively.
MCB will reportedly use bond proceeds to fund general corporate purposes and diversify its funding sources, including for expansion into Africa. The Notes, rated Baa3 (stable) by Moody’s and approved for listing on the International Securities Market of the London Stock Exchange, carry a 5-year maturity (April 2028) with a fixed coupon of 7.950%.
Commenting on the transaction, Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said: “We are proud to have facilitated capital markets access for MCB in this landmark transaction marking the first Investment Grade-rated commercial bank senior bond out of Africa at present and the first international bond by any Mauritian non-sovereign issuer. Afreximbank’s support to MCB to mobilise additional funds for financing projects in Africa is a further affirmation to our commitment to supporting the African continent under all market conditions.”
Afreximbank acted as Joint Lead Manager for this Notes issuance alongside international Joint Bookrunners.
Source: Afrexim Bank
