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ABIL issues US$350m of senior unsecured bonds
African Bank, a wholly-owned subsidiary of the country's biggest microlender, African Bank Investments Limited, has issued a US$ 350 million five year fixed rate senior unsecured bond, with a final redemption date of 24 February 2017.
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This bond was issued at a credit spread of 693bps above the prevailing five year US Dollar midswaps rate. African Bank has executed a USD/ZAR cross currency hedge, swapping all future US Dollar exposure into fixed ZAR exposure.
The bond will listed on the London Stock Exchange on 27 February 2012. It is the second listed bond issued under African Bank's US$2 billion Euro Medium Term Note programme.
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