African Export-Import Bank (Afreximbank) Raises Record $1.5 Billion in First Dollar Eurobond Since 2021, the U.S. dollar bond market for the first time in four years, raising a record $1.5 billion in a dual-tranche Eurobond after attracting strong demand from global investors.
The Cairo-based multilateral lender said the senior unsecured Reg S/144A benchmark offering, its largest bond issuance to date, was split into two $750 million tranches: a 5.5-year note maturing in January 2032 and a 10-year note maturing in July 2036.
Investor demand reached $3.8 billion at its peak, making the offering about two times oversubscribed, with orders evenly divided between the two tranches. The strong appetite enabled Afreximbank to tighten pricing by 37.5 basis points on each tranche, resulting in final yields of 6.25% on the 5.5-year notes and 7.125% on the 10-year securities.
The issuance marks the bank’s first public U.S. dollar bond sale since July 2021, signaling renewed access to international capital markets after tapping alternative funding sources in recent years, including Samurai bonds in 2024 and 2025 and a Panda bond in 2025.
Commenting on the transaction, Chandi Mwenebungu, Afreximbank’s Managing Director, Treasury and Markets, and Group Treasurer said, “This successful issuance shows the confidence that investors continue to place in Afreximbank and in Africa’s growth story. For us, this is a clear sign that the market continues to believe in Afreximbank’s work and in Africa’s economic prospects. Our role remains to connect capital to the opportunities that will drive trade, industrialisation and growth across the continent.”
The offering drew investors from the United Kingdom, Europe, Asia and the United States, underscoring continued appetite for African supranational debt despite a volatile global financing environment.
HSBC Bank plc served as global coordinator, while Standard Bank of South Africa Ltd., Standard Chartered Bank, Commerzbank Aktiengesellschaft and MUFG Securities EMEA plc acted as joint lead managers and joint bookrunners.
The successful fundraising provides Afreximbank with fresh capital to support its trade finance and development activities across the continent while reinforcing its ability to raise long-term funding from international investors on competitive terms.
