- Inaugural perpetual bond issuance attracts $1.1 billion in demand.
- Funds to support transformative infrastructure projects, including Lobito Rail Corridor and Red Sea Power.
Abuja, Nigeria – Africa Finance Corporation (AFC), a development bank focused on African infrastructure, announced the success of its inaugural $500 million “hybrid bond,” which was 150% oversubscribed, with demand peaking at $1.1 billion. Sold at a coupon rate of 7.50%, the perpetual bond combines features of both equity and debt, with an initial non-callable period of 5.25 years, the Lagos-based institution said in a statement.
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