Pan-African multilateral development finance institution Africa Finance Corporation (AFC) has issued its maiden $150-million Sukuk.
Following high levels of investor interest, the initial target of $100-million was more than twice oversubscribed, resulting in the transaction being upsized to $150-million and a final order book of $230-million, AFC said in a statement on Tuesday.
Banking groups Emirates NBD Capital, Mitsubishi Financial Group and Rand Merchant Bank acted as joint bookrunners and joint lead managers, with Emirates NBD Capital acting as the sole global coordinator.
“This Sukuk represents a milestone in our financing activities that will enable us to further diversify our funding sources, to build new relationships with key investors in international markets and help us diversify our portfolio of projects to continue delivering a real impact across the continent,” AFC president and CEO Andrew Alli said.
The privately placed 100% Murabaha Sukuk, which has been awarded an A3 senior unsecured rating by ratings agency Moody's Investors Service, has a three-year tenor and will mature in January 2020.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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