The Africa Finance Corporation (AFC) has issued a $500 million seven-year Eurobond. The senior, unsecured Eurobond which carries a coupon of 3.875 per cent was priced to yield 4.000 per cent and matures in April 2024.

The Eurobond received strong global interest, with an order book of $2.4 billion, representing about five times over-subscription from 231 investors across the Middle East, Asia, the United Kingdom, Europe and the United States (U.S.). Prior to the launch of the bond, AFC conducted a roadshow in London, Hong Kong, Singapore, the United Arab Republic (UAE), and the U.S.

The bond is AFC’s second benchmark Eurobond issuance under the Corporation’s $3billion Global Medium Term Note Programme. The bond was rated A3 by Moody’s Investor Services which is in line with AFC’s issuer rating.

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Source: The Nation