India Exim Bank listed its $1-billion 10-year bond on AFRINEX, a pan-African exchange located in Mauritius.
Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius, K Nandini Singla, High Commissioner of India to Mauritius, and Harsha Bangari, Managing Director, Export-Import Bank of India, rang the digital bell on AFRINEX to mark the listing of Exim Bank’s bond, on October 25.
AFRINEX has been set up with encouragement from the Government of Mauritius along with technology and skill partnership from the BSE’s subsidiaries and group companies. The Exchange and the Afrinex Clearing House are regulated by the Financial Services Commission, Mauritius.
Harsha Bangari, Managing Director, India Exim Bank, said, “The AFRINEX will serve as a gateway for broadening the investor base of issuers in the African continent, along with that of the world.”
India Exim Bank’s bond, the fourth transaction of the bank in the 144A/Reg S format, at a coupon of 2.25% per annum, marked a record low for any Indian issuer for a 10-year US dollar issuance. This issue was 3.5 times oversubscribed by several high-quality investors.
Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius, mentioned, “We are having another securities exchange nearly 30 years. This demonstrates how our capital market is growing and deepening. AFRINEX will certainly help to further establish Mauritius as one of the newly developed emerging capital markets of the region.”