Afreximbank launches $500 million offering of five-year notes at mid-swaps plus 210 bps

By Rebecca Melvin

New York, Oct. 4 – African Export-Import Bank (Afreximbank) launched $500 million of five-year notes to yield mid-swaps plus 210 basis points, according to a syndicate source.

Pricing was tightened from guidance for a yield of mid-swaps plus 212.5 bps and earlier talk of mid-swaps plus 225 bps.

HSBC (global coordinator), Barclays, MUFG, Rand Merchant Bank and Standard Chartered Bank are joint lead managers and bookrunners for the Regulation S deal, which represents a revived deal that was originally announced in mid-May but was not completed after the emerging markets primary market weakened amid a strengthening U.S. dollar.

Afreximbank is a Cairo, Egypt-based international bank specializing in trade-related financing for Africa.

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