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Elham AbolFateh
AR
Saturday 27 May 2017

Business

African Export-Import Bank requests proposals for int’l dollar bond

Tuesday 18/April/2017 - 01:14 PM
Sada El Balad
By Alaa Turki
Cairo-based African Export-Import Bank (Afreximbank) has requested for international banks to launch a U.S. dollar-denominated bond issue، banking sources said on Tuesday.

The issue would follow last week's launch to syndication of a $700 million loan backed by a group of 14 lenders، according to Reuters.

Banks submitted their responses on the proposed bond transaction last week، one of the banking sources said. Telephone calls and an email to Afreximbank's spokesman seeking comment were unanswered.

The multilateral body، which regularly borrows funds internationally through a variety of debt instruments، is struggling to meet demand for financing from African economies hit by a slump in international commodity prices، Afreximbank's executive vice president George Elombi told Reuters last October.

Afreximbank tapped the international bond market last year with a $750 million five-year bond in May، followed by a $150 million tap of the same bond in November.


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