African Finance Institution (AFC), a leading Pan-African multilateral development finance institution and project manager, has dished out a 500 million US dollars, a seven year Euro-bond. The senior unsecured instrument carries a coupon of 3875 percent and was priced to yield 4% when it matures in April, 2024. The Eurobond received strong global interest with an order book of 2.4 billion US dollars.
This represent over five times over-subscription from 231 investors across the middle east, Asia, United Kingdom, Europe and United States. Prior to the Launch of the bond.
The Lagos based AFC conducted a roadshow in Singapore, Hong Kong, United Arab Emirates, London and United States. AFC remains the only second African development finance institution to issue Eurobond lasting longer than five years. Andrew Ali, AFC Chief Executive Officer, said AFC has been committed for the ten years to investing in the project that drive sustainable growth in the country.