Afreximbank Secures $527m in Oversubscribed Samurai Bond Amid Strong Japanese Demand
African Export-Import Bank (Afreximbank) has strengthened its footprint in Japan’s capital markets after successfully securing JPY 81.8 billion (approximately USD 527 million) in its second Samurai bond issuance, signalling rising investor confidence in Africa’s premier multilateral lender.
The transaction, comprising both Regular and Retail Samurai bonds exceeded the size of the Bank’s debut issuance last year and drew participation from more than 100 institutional and retail investors across Japan.
Investor Demand Surges Across Regular and Retail Tranches
On 18 November, the Bank priced a JPY 45.8 billion 3-year Regular Samurai tranche after extensive investor engagements held during the Tokyo International Conference on African Development (TICAD9). Afreximbank’s team staged non-deal roadshows across major Japanese cities, hosted a global investor call, and ran a two-day soft-sounding process testing appetite across multiple maturities.
With investors anticipating an interest rate hike by the Bank of Japan, demand leaned heavily toward shorter-dated paper, helping solidify the 3-year tenor. The tranche attracted broad interest, including asset managers (22.3%), life insurers (15.3%), regional corporates, and high-net-worth investors (39.7%).
At the retail level, Afreximbank priced its second Retail Samurai bond, a JPY 36 billion 3-year tranche — more than twice the size of its 2024 retail issuance and the first Retail Samurai bond launched in Japan in 2025. The offer followed a nationwide demand survey and a six-day subscription window coordinated by SMBC Nikko, leveraging the bank’s wide branch network.
Strengthened Engagement Drives Oversubscribed Book
The strong outcome is partly credited to Afreximbank’s visibility at TICAD9, where it led the Africa Finance Seminar to introduce its mandate and credit profile to Japanese investors. The Bank also amended its shelf registration earlier in November to facilitate the transaction.
SMBC Nikko Securities acted as Sole Lead Manager and Bookrunner for both offerings.
Afreximbank Eyes Long-Term Presence in Yen Market
Treasury & Markets Managing Director and Group Treasurer, Chandi Mwenebungu, said the successful bookbuild underscores the depth of Japanese appetite for Afreximbank’s paper.
“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 which reflect the growing depth of our relationship with Japanese investors,” he said.
“The strong demand 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.”
The transaction reinforces Afreximbank’s strategy of diversifying its funding sources and expanding access to long-term capital as it scales its trade finance and development interventions across the continent.
