By Ayomide Otitoju
Afreximbank has successfully closed its second Samurai bond transaction, raising a total of JPY 81.8 billion (approximately USD 527 million) through a combination of Regular and Retail Samurai bond offerings.
The issuance surpasses the Bank’s 2024 debut size and drew participation from more than 100 institutional and retail investors, underscoring sustained confidence in Afreximbank’s credit strength and expanding footprint in the yen capital markets.
On 18 November, the Bank priced a JPY 45.8 billion three-year tranche in the Regular Samurai market after an extensive investor engagement programme aligned with the Tokyo International Conference on African Development (TICAD9). Activities included Non-Deal Roadshows across Tokyo, Kanazawa, Kyoto, Shiga and Osaka, a Global Investor Call, and a two-day soft-sounding process that gauged demand across maturities ranging from 2.5 to 10 years. Amid expectations of a Bank of Japan interest rate hike, investors concentrated demand on shorter tenors, leading to a focused three-year tranche at marketing.
The Regular Samurai tranche received broad interest, with asset managers accounting for 22.3% of participation, life insurers 15.3%, and regional corporates and high-net-worth investors 39.7%.
Afreximbank also priced its second Retail Samurai bond on 18 November—a JPY 36.0 billion three-year tranche, more than double the JPY 14.1 billion raised in its inaugural Retail Samurai issuance in November 2024. The transaction marks Japan’s first Retail Samurai bond issuance of 2025.
Following an amendment to the Bank’s shelf registration on 7 November, SMBC Nikko conducted a nationwide seven-business-day demand survey, followed by a six-business-day offering period. The issuance benefited from heightened visibility driven by Afreximbank’s engagements across Japan, including its Africa Finance Seminar at TICAD9, where the Bank presented its mandate and credit profile to key institutional investors.
SMBC Nikko Securities Inc. served as Sole Lead Manager and Bookrunner for both transactions.
Commenting on the outcome, Chandi Mwenebungu, Afreximbank’s Managing Director, Treasury & Markets and Group Treasurer, said the strong demand reflects the deepening relationship between the Bank and Japanese investors.
“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, both in the Regular and Retail offerings, 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.”
