Commentary & Deal Flow

Reoffer: 5yr: 6.15% / 100

Books > US$880mn (excl JLM int)

Guidance: 5yr: 6.25% +/-10bps WPIR
IPTs: 5yr: 6.500%a

• Issuer: The Mauritius Commercial Bank Limited
• Issuer Ratings: Baa3 (Negative) by Moody's
• Expected Issue Ratings: Baa3 by Moody’s
• Status: Senior, Unsecured
• Tenor: 5-year
• Format: Regulation S (Category 2) Senior Notes
• Pricing Date: 9-Apr-26
• Settlement Date: 16-Apr-26
• Maturity Date: 16-Apr-31
• Currency and Size: US$400,000,000
• Anchor Interest: The issuer has received commitments from anchor investors for U.S.$210m from Proparco, DEG, FMO and MCB Securities Ltd, subject to the final terms and conditions of the offering and satisfaction of certain conditions precedent
• Reoffer: 6.15% / 100.00%
• Coupon: 6.15%, Fixed rate, semi-annual, 30/360
• Listing: London Stock Exchange, ISM
• Governing Law: English Law
• Denominations: US$200k + US$1k
• Joint Bookrunners: Citi, J.P. Morgan, Mizuho, Societe Generale and Standard Chartered Bank
• Billing & Delivery: J.P. Morgan
• Reg S ISIN: XS3326338566
• Reg S Common Code: 332633856
• Stabilisation: FCA/ICMA
• Clearing: Euroclear and Clearstream, Luxembourg
• Timing: TOE: 15:38 / FTT: 10-Apr-26, 8am UKT