Afreximbank raises $1.5B in its largest-ever bond issuance
What's the deal? African Export-Import Bank (Afreximbank) priced a $1.5 billion dual-tranche senior unsecured Eurobond on July 28, 2026 — its largest bond issuance to date. The deal split into two $750 million tranches: a 5.5-year note maturing in January 2032 and a 10-year note maturing in July 2036.
Why now? The sale marks Afreximbank's first US dollar public bond issuance since July 2021. It follows recent issuances in other formats and currencies, including Samurai bonds in 2024 and 2025 and a Panda bond in 2025.
Who bought in? Demand came from investors across the UK, Europe, Asia, and the United States, with the order book peaking at $3.8 billion — roughly two times oversubscribed and evenly split across both tranches. That let the bank tighten pricing by 37.5 basis points on each tranche, landing final yields of 6.25% for the 5.5-year note and 7.125% for the 10-year note.
HSBCDealroom has a profile for this one. Try Dealroom → Bank plc acted as global co-ordinator. Standard Bank of South Africa, Standard CharteredDealroom has a profile for this one. Try Dealroom → Bank, CommerzbankDealroom has a profile for this one. Try Dealroom →, and MUFG Securities EMEADealroom has a profile for this one. Try Dealroom → served as joint lead managers and joint bookrunners.
The numbers behind it: At the end of December 2025, Afreximbank's total assets and contingencies stood at over $48.5 billion, with shareholder funds of $8.4 billion. The Pan-African lender also runs a $10 billion Adjustment Fund to support countries participating in the African Continental Free Trade Agreement (AfCFTA).
What's the endgame? Afreximbank's mandate is to finance and promote trade within and beyond Africa. "Our role remains to connect capital to the opportunities that will drive trade, industrialisation and growth across the continent," said Chandi Mwenebungu, the bank's group treasurer.
The signal: A two-times-oversubscribed return to the dollar market signals that international investors remain willing to fund African trade finance on competitive terms — a test the bank passed after a four-year absence.
Read more: Afreximbank
Image credit: Axel Bührmann
