RMB assists Africa Finance in issuing new eurobond

RMB and four other joint lead managers arrange $650m eurobond issuance on behalf of Africa Finance Corporation.

Rand Merchant Bank (RMB) has assisted Africa Finance Corporation (AFC) in issuing a $650 million seven-year eurobond designed to proactively manage liabilities as well as fund infrastructure projects on the continent.

AFC was able to raise the funds at an attractive interest rate while boasting a well-diversified order book.

The transaction took place following a global investor roadshow and a tender offer of AFC’s April 2020 eurobonds, where the $750 million liability was reduced to $375 million. Priority allocation codes were offered to allow holders of the April 2020 eurobond to participate in the new issuance while mitigating the risk of double exposure. RMB was the only African joint lead manager on the transaction.

Moneyweb editor Ryk van Niekerk talks to Lwandile Nene, debt capital markets transactor at RMB about the deal.

For more information, click here.

Brought to you by Rand Merchant Bank (RMB).

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