African Export-Import Bank’s $1.3 Billion Notes Offering

Dentons advised the Joint Lead Managers in the offering.

African Export-Import Bank (Afreximbank) executed the update of its U.S.$5 billion Global Medium Term Note Programme (the Programme) and an issuance of US$600 million 2.634% notes due 2026 and US$700 million 3.798% notes due 2031 under the Programme.

The Joint Lead Managers included HSBC Bank plc, Emirates NBD Capital, MUFG Securities EMEA plc and Standard Chartered Bank. 

HSBC Bank plc also acted as the Global Coordinator for the Programme and the notes issuance. This was Afreximbank’s largest-ever transaction in the international capital markets.

Afreximbank is a leading pan-African supranational finance institution whose purpose is to facilitate, promote, and expand African trade. Recently, Afreximbank played a key role in supporting Governments throughout Africa in dealing with the economic and health impacts of the COVID-19 pandemic through its Pandemic Trade Impact Mitigation Facility.

Dentons’ London-based Capital Markets partner Nick Hayday (Picture) and Capital Markets and US Securities partner Cameron Half led the team, supported by Capital Markets associate A. Moeen Qayum, US Securities associate Yash Ranade and London trainees Daisy Robson-Odugbemi and Ronan Chisholm. Washington, DC Tax partner Jon T Hutchens advised on US tax matters.

Involved fees earner: Cameron Half – Dentons; Nick Hayday – Dentons; Jon Hutchens – Dentons; Moeen Qayum – Dentons; Yash Ranade – Dentons;

Law Firms: Dentons;

Clients: Emirates NBD Capital Limited; Hsbc Bank plc; MUFG Securities EMEA plc; Standard Chartered Bank;

Author: Federica Tiefenthaler