By Rebecca Melvin and Colin Hanner
New York, June 13 – African Export-Import Bank (Afreximbank) priced $750 million of 4 1/8% seven-year senior notes at 99.459 to yield 4.215%, or mid-swaps plus 220 basis points, a syndicate source said.
Price talk for the notes (Baa1//BBB-) was in the mid-swaps plus 230 bps area, which was revised from earlier talk in the mid-swaps plus 250 bps area.
The final book size for the deal was around $2.25 billion, a market source said.
Barclays, Commerzbank, HSBC, MUFG and Standard Chartered Bank acted as joint lead managers and bookrunners of the deal.
Afreximbank is a Cairo, Egypt-based international bank specializing in trade-related financing for Africa.
| Issuer: | African Export-Import Bank
|
| Amount: | $750 million
|
| Maturity: | June 20, 2024
|
| Security description: | Senior notes
|
| Bookrunners: | Barclays, Commerzbank, HSBC, MUFG and Standard Chartered Bank
|
| Coupon: | 4 1/8%
|
| Price: | 99.459
|
| Yield: | 4.215%
|
| Spread: | Mid-swaps plus 220 bps
|
| Trade date: | June 13
|
| Issuer ratings: | Moody's: Baa1
|
| Fitch: BBB-
|
| Price talk: | Mid-swaps plus 230 bps, which was tightened from 250 bps initially
|
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