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AFC issues 7-year-bonds worth $ 0.5 bn

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by April 12, 2017 General

AFC issues 7-year-bonds worth $ 0.5 bn

Wednesday 12 April 2017 02:54 PM

Africa Finance Corporation

Africa Finance Corporation


Al Mal:
Africa Finance Corporation (AFC) has issued a USD 500 mn 7-year-bonds with 3.875% yield to be increased to 4.000%. The securities mature in April 2024.
According to a statement by the company, the bonds received strong international interest, with an order book of USD2.4 bn, representing about 5 times over-subscription from 231 investors across the Middle East, Asia, the United Kingdom, Europe and the United States.
Before the launch of the securities, AFC conducted a roadshow in London, Hong Kong, Singapore, the UAE, and the United States.
The bond is AFC’s second benchmark bond issuance under the Corporation’s USD3 bn Global Medium Term Note Programme. The bond was rated A3 by Moody’s Investor Services which is in line with AFC’s issuer rating.
The bond will be listed on the Irish Stock Exchange. The Eurobond was distributed to investors in Europe (29%), United States (25%), United Kingdom (24%), Asia (18%) and the Middle East (4%).

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