Afreximbank’s Advisory & Capital Markets-led Bank of Industry’s €750 million Eurobond wins Debt Deal of the Year award by the African Banker

Categories: News

African Export-Import Bank (Afreximbank) is pleased to announce that Nigeria’s Bank Of Industry (BoI) €750 million Senior Participation Note issuance, for which Afreximbank’s Advisory and Capital Markets (ACMA) division acted as Global Coordinator and Active Bookrunner, has received the “Deal of the Year – Debt” award by the African Banker magazine for 2022. This award reflects clear recognition of BoI’s debut capital market success as well as Afreximbank’s growing execution capabilities.

In February 2022,Afreximbank’s ACMA Division acted as Global Coordinator and Active Bookrunner to Nigeria’s Bank of Industry on its €750 million 144A/RegS 5-year Senior Participation Note issuance that was guaranteed by the Federal Government of Nigeria. Afreximbank supported BoI in its capital market foray in order to diversify its funding sources as well as continue developing Nigeria’s real sectors, including small and medium enterprises (SMEs). The bond transaction was 1.5x oversubscribed by high-quality international investors from Europe, UK, USA, Middle East and Africa. Bank of Industry is the oldest and largest Development Finance Institution (DFI) in Nigeria and is owned by the Ministry of Finance and Central Bank of Nigeria.

Mr. Kayode Pitan, Managing Director/CEO of Bank of industry, Commented: “BOI is delighted to receive this award. We are particularly excited to have made our debut in the Eurobond market working closely with our longtime DFI partner, Afreximbank, who served as our trusted and valuable Global Coordinator. The EUR750Million Senior Note will enhance our capacity to support local industries, MSMEs, our women and youth entrepreneurs to grow and thrive in fulfilment of our mandate”

The 16th edition of the African Banker Awards Gala Ceremony took place in Accra, Ghana, on 25 May. Over 300 banking and financial services professionals joined the Gala Ceremony to unveil winners of the African Banker Awards 2022.

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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. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched 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 effectively participating in the AfCFTA. At the end of 2021, the Bank’s total assets and guarantees stood at about US$25 billion, and its shareholder funds amounted to US$4 billion. Afreximbank disbursed more than US$51 billion between 2016 and 2021. The Bank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). The Bank is headquartered in Cairo, Egypt.