Afreximbank floats N300bn domestic bond

African Export-Import Bank (Afreximbank) has floated a N300 billion domestic bond for the capital market.
The bond was established for Afreximbank by Stanbic IBTC Capital Limited, a subsidiary of the Stanbic IBTC Holdings Plc.

The signing, which held at Eko Hotel & Suites, Victoria Island, Lagos, marked the kick-off of the initiative.
Afreximbank, a multi-product partner of Stanbic IBTC and the Standard Bank Group, is one of Africa’s largest developmental finance institutions and a seasoned issuer in the international capital markets.
The establishment of the debt issuance programme in the capital market by Afreximbank makes it the third supranational ever to join an elite group of Nigeria’s development partners, enabling the domestic capital market.

Parties to the issuance said it was vital to establish the bond programme in local currency, considering the strong liquidity and current low yields in the domestic market.
They noted that the initiative by Afreximbank aligns with global best practice in treasury management and innovation to stay abreast of evolving market conditions.

They stated that the N300 billion would stimulate the expansion and development of Nigeria, through the intervention in various sectors of the  economy.
Stanbic IBTC Capital reiterated its commitment to developing the capital markets noting that it has been at the forefront of driving financial innovation and advising clients on staying ahead of changing times.

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