Afreximbank secures JPY 81.8 billion in second Samurai bond issuance
Afreximbank has strengthened its presence in Japan’s capital markets by closing its second Samurai bond transaction, raising a total of JPY 81.8 billion from both Regular and Retail offerings. The deal exceeded the Bank’s 2024 debut issuance and drew interest from more than 100 institutional and retail investors, underscoring growing confidence in its credit standing.
The Bank priced a JPY 45.8 billion three-year tranche in the Regular Samurai market on 18 November after a broad series of investor engagements tied to TICAD9. These included non-deal roadshows across major Japanese cities, a global investor call, and a structured two-day soft-sounding period to assess appetite across multiple maturities. With expectations of a potential Bank of Japan rate hike, demand centered on shorter tenors, driving the focus toward a three-year tranche.
Investor participation in the Regular Samurai tranche was diverse, led by asset managers, life insurance firms, regional companies, and high-net-worth individuals. On the same day, Afreximbank launched its second Retail Samurai bond, a JPY 36.0 billion three-year tranche that more than doubled the size of its inaugural issuance in 2024 and became the first retail Samurai bond issued in Japan in 2025.
Retail momentum expands Afreximbank’s investor reach
The Retail Samurai offering followed an updated shelf registration earlier in November, allowing SMBC Nikko to conduct a nationwide demand survey across its branch network. The robust seven-day survey and six-day offering period highlighted increased visibility for Afreximbank, supported by its participation at TICAD9 and its Africa Finance Seminar showcasing its development mandate and credit profile.
The strong performance of the retail tranche reflected continued interest among Japanese households and individual investors, complementing institutional demand in the regular market.
Afreximbank eyes deeper engagement in Japan
SMBC Nikko Securities Inc. served as sole lead manager and bookrunner for both transactions, reinforcing a partnership that continues to expand Afreximbank’s access to yen-denominated funding.
Chandi Mwenebungu, the Bank’s Managing Director for Treasury & Markets and Group Treasurer, said the growing scale of the Samurai program shows increasing depth in its investor relationships. He noted that the high level of demand across both segments reflects sustained confidence in Afreximbank’s mandate and creditworthiness, adding that the Bank aims to further strengthen its engagement in Japan through regular activities and collaboration with local partners.
