| DUBAI, April 18
DUBAI, April 18 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
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)