BY BAMIDELE FAMOOFO
African Export-Import Bank has announced that Nigeria’s Bank of Industry (BoI) €750 million Senior Participation Note issuance, for which Afreximbank’s Advisory and Capital Markets (ACMA) division acted as Global Coordinator and Active Bookrunner, has received the “Deal of the Year – Debt” award by the African Banker magazine for 2022.
This award reflects clear recognition of BoI’s debut capital market success as well as Afreximbank’s growing execution capabilities.
In February 2022, Afreximbank’s ACMA Division acted as Global Coordinator and Active Bookrunner to Nigeria’s Bank of Industry on its €750 million 144A/RegS 5-year Senior Participation Note issuance that was guaranteed by the Federal Government of Nigeria.
Afreximbank supported BoI in its capital market foray in order to diversify its funding sources as well as continue developing Nigeria’s real sectors, including small and medium enterprises (SMEs). The bond transaction was 1.5x oversubscribed by high-quality international investors from Europe, UK, USA, and Middle East and Africa. Bank of Industry is the oldest and largest Development Finance Institution (DFI) in Nigeria and is owned by the Ministry of Finance and Central Bank of Nigeria.
Kayode Pitan, Managing Director/CEO of Bank of industry, commented: “BOI is delighted to receive this award. We are particularly excited to have made our debut in the Eurobond market working closely with our longtime DFI partner, Afreximbank, who served as our trusted and valuable Global Coordinator.
The EUR750Million Senior Note will enhance our capacity to support local industries, MSMEs, our women and youth entrepreneurs to grow and thrive in fulfillment of our mandate.”
