African Export-Import Bank has launched a three-year loan of up to US$1.68bn-equivalent, offering richer pricing than a slightly smaller borrowing completed in March last year. 

Abu Dhabi Commercial Bank, Arab Banking Corp, Bank of Baroda, Commercial Bank of Kuwait, Commerzbank, Emirates NBD, First Abu Dhabi Bank, FirstRand Bank, HSBC, Mashreqbank, MUFG, Mizuho Bank, Societe Generale, Standard Bank of South Africa, Standard Chartered Bank, State Bank of India and Sumitomo Mitsui Banking Corp are the mandated lead arrangers and bookrunners.

Industrial and Commercial Bank of China and LBBW came in as MLAs prior to the launch.

Mashreqbank, MUFG and SMBC are also the global coordinators.

The borrowing comprises a US$1.41bn tranche and a €227.93m (US$265m) portion with interest margins of 150bp over SOFR and 135bp over Euribor, respectively.

MLAs committing US$50m-equivalent or more will receive a participation fee of 75bp, while lead arrangers with US$30m–$49m earn 60bp. Arrangers coming in for US$15m–$29m are offered 45bp.

Commitments are due by February 11.

In March last year, Afreximbank raised a US$1.4bn-equivalent three-year dual-currency loan comprising a US$1.179bn tranche and a €209.95m portion with margins of 125bp over term SOFR and 110bp over Euribor, respectively.

Afreximbank is a pan-African multilateral financial institution mandated to finance and promote trade within and outside the continent.

Source: IFR