African Export-Import Bank (Afreximbank) has strengthened its position in Japan’s capital markets after securing JPY 81.8 billion (about USD 527 million) in its second Samurai bond issuance. The move surpasses the size of its 2024 debut and reinforces growing Japanese investor confidence in the Bank’s credit profile and Africa-focused mandate.
Investor Demand Surges Across Regular and Retail Tranches
On November, 18, the Bank priced a JPY 45.8 billion three-year Regular Samurai tranche after extensive investor engagements during the Tokyo International Conference on African Development (TICAD9). Afreximbank’s activities included non-deal roadshows across Tokyo, Kanazawa, Kyoto, Shiga and Osaka, a global investor call, and a two-day process to test appetite across multiple maturities.
With expectations of an interest rate hike from the Bank of Japan, demand focused on shorter tenors, resulting in a three-year tranche during official marketing. Investors included asset managers, life insurers, regional corporates and high-net-worth individuals.
Afreximbank also priced a JPY 36 billion three-year Retail Samurai bond, more than doubling its inaugural retail issuance in 2024. It is also the first Retail Samurai bond issued in Japan in 2025. The offer followed a nationwide demand survey and a six-day subscription window coordinated through SMBC Nikko’s branch network.
Strengthened Engagement Drives Oversubscribed Book
The strong result reflects Afreximbank’s growing visibility in Japan, supported by its participation in TICAD9 and the Africa Finance Seminar, where it outlined its mandate and credit fundamentals to Japanese institutional investors. The Bank amended its shelf registration earlier in November to support the transaction. SMBC Nikko Securities acted as Sole Lead Manager and Bookrunner.
Afreximbank Eyes Long-Term Presence in Yen Market
Afreximbank’s Treasury and Markets Managing Director and Group Treasurer, Chandi Mwenebungu, said the transaction marks a deepening relationship with Japanese investors.
He noted that the increased demand across both tranches reflects sustained confidence in the Bank’s credit and mission. He added that Afreximbank remains committed to strengthening its presence in the Samurai market through regular investor activities and continued collaboration with Japanese partners.
The successful issuance supports Afreximbank’s strategy to diversify its funding sources and mobilise long-term capital for trade finance and development projects across Africa.
