Global investors remain willing to bet on Africa despite persistent geopolitical tensions, elevated interest rates, and a volatile global economy, with the African Export-Import Bank’s (Afreximbank) largest-ever Eurobond attracting nearly twice as much demand as the amount offered.
Last week, the Cairo-based multilateral lender raised $1.5 billion through a dual-tranche senior unsecured Reg S/144A Eurobond, marking its first return to the US dollar public debt market since 2021. Orders peaked at $3.8 billion, making the issuance roughly two times oversubscribed, as investors from the United Kingdom, Europe, Asia and the United States competed for the offering.
For many market participants, the transaction is about far more than another successful bond sale. It is a strong signal that international investors remain willing to finance African institutions with credible balance sheets and clear development mandates, even as global markets grapple with economic uncertainty and geopolitical risks.
“The issuance was about 2x oversubscribed,
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