Dentons advice helps Afreximbank mop up a $1.3 billion notes issuance
Dentons advice helps Afreximbank mop up a $1.3 billion notes issuance The law firm advised joint lead managers enabling the African Export-Import Bank's raise the largest ever transaction in the international capital market Dentons, one of the largest global law firm, has announced that it has advised the Joint Lead Managers HSBC Bank plc, Emirates NBD Capital, MUFG Securities EMEA...
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Dentons advice helps Afreximbank mop up a $1.3 billion notes issuance
The law firm advised joint lead managers enabling the African Export-Import Bank's raise the largest ever transaction in the international capital market
Dentons, one of the largest global law firm, has announced that it has advised the Joint Lead Managers HSBC Bank plc, Emirates NBD Capital, MUFG Securities EMEA plc and Standard Chartered Bank on the update of its $5 billion Global Medium Term Note Programme (the Programme) and issuance of $600 million 2.634 per cent notes due 2026 and $700 million 3.798 per cent notes due 2031 by the African Export-Import Bank (Afreximbank).
HSBC Bank plc also acted as the Global Coordinator for the Programme and the notes issuance. This was Afreximbank's largest-ever transaction in the international capital markets.
The Cairo-based Afreximbank, set up in 1993, is a leading pan-African supranational finance institution. It facilitates, promotes and expands African trade. Afreximbank had recently played a key role in supporting Governments throughout Africa in dealing with the economic and health impacts of the COVID-19 pandemic through its Pandemic Trade Impact Mitigation Facility.
The notes were offered to qualified institutional buyers in the United States. The notes were listed on the Official List of Euronext Dublin and admitted to trading on the Global Exchange Market. The transaction, which also included an update of the Programme, was launched in just four weeks from the start of work.
''It was a great honour to have worked closely with one of the most significant financial institutions in Africa and the underwriters on this historic transaction. This transaction is a testament to the strength of our emerging markets practice,' Dentos' London-based Capital Markets partner Nick Hayday said.
The law firm's London-based US Securities partner Cameron Half said, ''We are grateful for the trust shown by our clients in our capabilities to execute high-profile transactions within a short time frame. This bond issuance will enable Afreximbank to provide support throughout the continent and boost African trade.''
Heyday and Half led the Dantons team on the transaction. They were supported by Capital Markets associate A. Moeen Qayum, US Securities associate Yash Ranade and London trainees Daisy Robson-Odugbemi and Ronan Chisholm. Washington, DC Tax partner Jon T Hutchens advised on the US tax matters.
