Dentons advises on US$1.5 billion issuance by Afreximbank, its largest ever

London-Dentons has advised the Joint Lead Managers, including HSBC Bank plc, MUFG Securities EMEA plc, Standard Chartered Bank and The Standard Bank of South Africa Limited on the update of African Export-Import Bank's (Afreximbank) US$10 billion Global Medium Term Note Programme (the Programme) as well as a dual-tranche issuance under the Programme consisting of US$750 million 6.250% notes due 2032 and US$750 million 7.125% notes due 2036. HSBC Bank plc acted as the Global Coordinator for both the Programme update and the notes issuance. This was Afreximbank's largest-ever transaction in the international capital markets. Dentons previously advised the lead managers on Afreximbank's US$1.3 billion issuance in 2021.

Afreximbank is a pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, Afreximbank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. The notes were offered to qualified institutional buyers in the United States in reliance on Rule 144A under the US Securities Act of 1933, as amended (the Securities Act), and outside of the United States in reliance on Regulation S under the Securities Act. The notes were listed on the Official List of Euronext Dublin and admitted to trading on the Global Exchange Market.

London-based Capital Markets partner Nick Hayday said: "We are proud to have advised the underwriting banks on this landmark transaction by one of Africa's foremost financial institutions, marking Afreximbank's return to the international capital markets for the first time since 2021. This achievement highlights the expertise of our emerging markets team and our ability to deliver on complex, cross-border transactions.

London-based US Securities partner Cameron Half said: "We appreciate the trust our clients placed in our ability to deliver a complex, high-profile transaction within a compressed timeframe. This successful bond issuance will enhance Afreximbank's capacity to support businesses across Africa and advance its mission of promoting trade across the continent.

London-based Capital Markets partner Nick Hayday and Capital Markets and US Securities partner Cameron Half led on the transaction, supported by London-based counsel David Brian, London-based associates Miriam Babarinde and Tom Day, US Securities partner Colin Chang and US Securities associate Pichrotanak Bunthan, and trainee Rakhi Gohil.

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