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Commentary & Deal Flow

by Chris Reich

Jul 16, 2026 2:35 PM ET

PRICED: Afreximbank US$1.5bn 2-part Sr Unsec; 6.250% & 7.125%

IGC US Market: Deal Flow - SSAEM CEEMEA: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	IPT-PXD
The African Export-Import Bank	5.5yr	6.250%	23-Jan-32	US$750m	Sr Unsec	Fixed	100	6.250%	-37.5
The African Export-Import Bank	10yr	7.125%	23-Jul-36	US$750m	Sr Unsec	Fixed	100	7.125%	-37.5

Reoffer: 5.5yr: 6.250% / 100 10yr: 7.125% / 100

Tranche 1 (5.5yr): Final Books >$1.5bn. Peak book >$1.9bn (excl JLM)
Tranche 2 (10yr): Final Books >$1.6bn. Peak book >$1.9bn (excl JLM)

Launched:
5.5yr: US$750m @ 6.25% - Books >$1.8bn (excl JLM)
10yr: US$750m @ 7.125% - Books >$1.7bn (excl JLM)
Yield set at: 5.5yr: 6.25% - Books >$1.9bn (excl JLM) 10yr: 7.125% - Books >$1.9bn (excl JLM)
Book Update: Orderbooks in excess of US$2.75bn (excl. JLM), slight skew to 10yr
IPTs: 5.5yr: 6.625%a 10yr: 7.500%a

Issuer: The African Export-Import Bank (“Afreximbank”)
Issuer LEI: 21380068LJCDYA42GJ76
Issuer Ratings: Baa2 (stable) / BBB+ (stable) / A (Stable) by Moody’s / S&P / GCR
Expected Issue Ratings: Baa2 / BBB+ by Moody’s / S&P
Format: 144a / RegS
Status: Senior Unsecured
Settlement Date: 23-Jul-26 (T+5)
Currency/Size:
- 5.5yr: US$750,000,000
- 10yr: US$750,000,000
Tenor:
- 5.5yr: 5.5-years
- 10yr: 10-years
Maturity Date:
- 5.5yr: 23-Jan-32
- 10yr: 23-Jul-36
Reoffer Yield / Price:
- 5.5yr: 6.250% / 100
- 10yr: 7.125% / 100
Coupon:
- 5.5yr: 6.250% fixed rate, semi-annual, 30/360
- 10yr: 7.125% fixed rate, semi-annual, 30/360
Interest Payment Dates:
- 5.5yr: 23 January and 23 July in arrear, commencing on 23-Jan-27
- 10yr: 23 January and 23 July in arrear, commencing on 23-Jan-27
Early Redemption:
- 5.5yr: 1m Par Call / MWC / CuC
- 10yr: 3m Par Call / MWC / CuC
ISINs (144a / RegS):
- 5.5yr: US00831TAD37 / XS3437376703
- 10yr: US00831TAE10 / XS3437376612
Common Codes (144a / RegS):
- 5.5yr: 343860889 / 343737670
- 10yr: 343860935 / 343737661
CUSIPs:
- 5.5yr: 00831T AD3
- 10yr: 00831T AE1
Listing: Euronext Dublin GEM
Clearing: Euroclear/Clearstream/DTC
Governing Law: English
Denominations: US$200k + 1k
UoP: General corporate purposes including refinancing of existing bridge facility
Documentation: US$10,000,000,000 Global Medium Term Note Programme Base Prospectus dated 16-Jul-26
Global Coordinator: HSBC (B&D)
Joint Lead Managers: Commerzbank, MUFG, Standard Bank and Standard Chartered Bank
Timing: TOE: 18.46 UKT / FTT: 08.00 UKT 17-Jul-26
Stabilisation: ICMA/FCA stabilisation applies