Afreximbank successfully completes its Joint Lead Manager and Bookrunner role for Fidelity Bank Plc’s USD 400 million 5-Year Senior Eurobond

Categories: Press Releases

Cairo, 15 November 2021: African Export-Import Bank (Afreximbank) through its Advisory & Capital Markets (ACMA) investment banking arm acted as a Joint Lead Manager (JLM) and Bookrunner to place and close Fidelity Bank Plc’s USD 400 million 5-Year 144A/Reg S Senior Unsecured Eurobond on 21st October 2021. The transaction settled on 28th October 2021 and other JLMs/Bookrunner were Citi and J.P. Morgan.

On 18th October 2021, Fidelity Bank announced marketing of a benchmark 5-year bond, which was followed by a two-day virtual roadshow. The virtual roadshow comprised of a Global Investor Call and a series of small group and one-on-one meetings with some of the key international and local accounts in the Emerging Market space.

Following the successful roadshow, on 21st October 2021 Fidelity Bank announced a new 5-year benchmark transaction and subsequently priced a USD 400 million 5-Year note at a Re-offer Yield of 7.875% and a coupon of 7.625%. The transaction closed comfortably within its cost optimization pricing targets, with the order book oversubscribed by ~2x.

The issue marks Fidelity Banks’s return to the international debt capital markets after a ~4-year break and is its third Eurobond since 2013. The investors in the transaction included some of the most active institutions from around the world, with healthy investor demand from the UK, Mainland Europe, US, Asia, the Middle East and Africa notwithstanding tight market conditions and competing supply. This demonstrated the issuer’s growing reputation with international DCM investors.

Prof Benedict Oramah, President and Chairman of the board of directors of Afreximbank remarked, “Afreximbank’s role in this transaction is strategic and emblematic of both consistency in delivery of value to our clients throughout their growth life cycle, and of the Bank’s successful drive to provide innovative and sustainable funding options via the Debt Capital Markets in addition to our client-tailored banking services.”

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About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. The Bank has a rich history of intervening in support of African countries in times of crisis. Through the Pandemic Trade Impact Mitigation Facility (PATIMFA) launched in April 2020, Afreximbank has disbursed more than US$6.5 billion in 2020 to help member countries manage the adverse impact of financial, economic, and health shocks caused by the COVID-19 pandemic. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has completed the development of a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in managing the impact of tariff revenue losses arising from the implementation of the Continental Free Trade Area. At the end of 2020, the Bank’s total assets and guarantees stood at US$21.5 billion, and its shareholder funds amounted to US$3.4 billion. Afreximbank disbursed more than US$42 billion between 2016 and 2020. The Bank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB-). The Bank is headquartered in Cairo, Egypt.

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Media Contact: Amadou Labba Sall;