DUBAI, April 18 (Reuters) - The African Export-Import Bank (Afreximbank), a Cairo-based multilateral institution focused on financing and promoting trade in Africa, has sent a request for proposals to international banks for 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.
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.
The bonds, part of a $3 billion euro medium term note programme, were led by Mitsubishi UFJ Financial Group together with Barclays, HSBC, Rand Merchant Bank and Standard Chartered.
The bank’s latest syndicated loan is arranged by a group of 14 banks comprising Emirates NBD, Bank ABC, Abu Dhabi Commercial Bank, Barclays, Commerzbank, HSBC, ICBC, Mizuho, MUFG, SMBC, NBAD, Standard Chartered, Standard Bank and Rand Merchant Bank.
Afreximbank also raised a so-called Samurai loan – a loan provided by Japanese lenders – in early April. That facility, split between U.S. dollars and yen, was worth $106 million. Afreximbank is rated Baa1 by Moody’s. (Edited by Andrew Torchia)