African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has successfully closed its second Samurai bond transaction, securing a total of JPY 81.8 billion (approx. USD 527 million) through Regular and Retail Samurai Bonds offerings.
The issuance surpasses the size and scope of the bank’s debut Samurai bond in 2024, a strong signal of renewed investor confidence from Japanese markets.
On 18 November, Afreximbank priced a JPY 45.8 billion 3-year tranche in the Regular Samurai market following a comprehensive sequence of investor engagement activities leveraging Tokyo International Conference on African Development (TICAD9), including Non-Deal Roadshows (NDRs) in Tokyo, Kanazawa, Kyoto, Shiga and Osaka, a Global Investor Call, and a two-day soft-sounding process which tested investor appetite across 2.5-, 3-, 5-, 7-, and 10-year maturities.
With market expectations of a Bank of Japan interest rate increase, investor demand concentrated in shorter tenors, resulting in a focused 3-year tranche during official marketing. Amid expectations of rising interest rates by the Bank of Japan, demand skewed heavily toward shorter maturities, prompting Afreximbank to focus on a three-year tranche rather than longer tenors.
Investor participation was broad: asset managers accounted for about 22.3%, life insurers 15.3%, regional corporates and high-net-worth investors made up a significant portion, with high-net-worth individuals alone representing 39.7%.
In parallel, the bank issued a ¥36.0 billion retail tranche, more than double the ¥14.1 billion retail issuance in its 2024 debut. Notably, the 2025 retail issuance was the first retail Samurai bond launched in Japan this year.
The offering was managed and underwritten by SMBC Nikko Securities, which acted as sole lead manager and bookrunner.
Chandi Mwenebungu, Afreximbank’s Managing Director, Treasury & Markets and Group Treasurer, commented:
“We are pleased with the successful completion of our second Samurai bond transactions, which marked a significant increase from our inaugural Retail Samurai bond in 2024, and which reflect the growing depth of our relationship with Japanese investors.
The strong demand, both in the Regular and Retail offerings, demonstrates sustained confidence in Afreximbank’s credit and mandate. We remain committed to deepening our engagement in the Samurai market through regular investor activities and continued collaboration with our Japanese partners.”
For Afreximbank, the second Samurai bond sale is more than a financing exercise, it is part of a broader strategy to diversify its funding sources, deepen engagement with Japanese institutional and retail investors, and strengthen its presence in global bond markets.
Since its debut in November 2024, which marked the first Samurai bond ever issued by an African-based multilateral development bank, Afreximbank has demonstrated that African issuers can access yen-denominated capital.
The latest successful issuance underscores that confidence among Japanese investors is not a one-off phenomenon but reflects growing recognition of the bank’s creditworthiness and its mandate to support African trade and development.
Afreximbank, headquartered in Cairo, Egypt, currently supports intra-African and extra-African trade, and plays a key role in promoting the African Continental Free Trade Area (AfCFTA).
Among its tools is the Pan‑African Payment and Settlement System (PAPSS), adopted by the African Union to facilitate currency-agnostic trade across the continent.
At the end of December 2024, the bank’s assets stood at more than US$ 40.1 billion, with shareholder funds of US$ 7.2 billion.
Afreximbank enjoys investment-grade credit ratings from multiple agencies: GCR (A), Moody’s (Baa1), China Chengxin International Credit Rating (AAA), the Japan Credit Rating Agency (A-), and Fitch (BBB-).
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