Afreximbank raises JPY 81.8 bn in strongly oversubscribed second Samurai bond issuance

The African Export-Import Bank (Afreximbank) has announced the successful completion of its second Samurai bond transactions, raising a total of JPY 81.8 billion (approximately USD 527 million), across Regular and Retail Samurai Bond offerings.

The issuance surpasses the Bank’s 2024 debut size and drew participation from more than 100 institutional and retail investors—underscoring heightened Japanese investor confidence in Afreximbank’s credit profile and its expanding footprint in the yen capital markets.

On November 18, 2025, Afreximbank priced a JPY 45.8 billion 3-year Regular Samurai tranche, following a comprehensive investor engagement programme aligned with the Tokyo International Conference on African Development (TICAD9).

The programme included Non-Deal Roadshows (NDRs) across Tokyo, Kanazawa, Kyoto, Shiga, and Osaka; a Global Investor Call; and a two-day soft-sounding process testing demand across maturities from 2.5 to 10 years.

With expectations of a Bank of Japan rate increase, investors concentrated demand in shorter tenors, resulting in a focused 3-year tranche during bookbuilding.

The tranche attracted robust participation from asset managers (22.3 percent), life insurers (15.3 percent), regional corporates, and high-net-worth investors (39.7 percent).

Simultaneously, the Bank priced its second Retail Samurai Bond, a JPY 36.0 billion 3-year tranche, more than doubling the size of the inaugural JPY 14.1 billion retail issuance completed in November 2024.

The 2025 transaction marks the first Retail Samurai bond issued in Japan this year, further cementing Afreximbank’s strong profile among Japanese retail investors.

Following an amended shelf registration on November 7, 2025, SMBC Nikko conducted an extensive nationwide demand survey over seven(7) business days, followed by a six-day offering period.

The retail issuance benefited from the Bank’s strengthened visibility in Japan, including its active participation at TICAD9 and hosting of the Africa Finance Seminar, which brought Afreximbank’s mandate and credit strengths to the forefront for key Japanese financial institutions.

SMBC Nikko Securities Inc. acted as Sole Lead Manager and Bookrunner for both the Regular and Retail Samurai transactions.

Commenting on the issuance, Chandi Mwenebungu, Afreximbank’s Managing Director, Treasury & Markets and Group Treasurer, said:

“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 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.”