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Expanding Africa’s
Capital Markets

Absa | Corporate and Investment Banking > Insights and Events > Expanding Africa’s Capital Markets
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We are pleased to have partnered with the International Finance Corporation in again successfully accessing the local currency bond market as Lead Arranger, this time in Zambia.

We are pleased to have partnered with the International Finance Corporation in again successfully accessing the local currency bond market as Lead Arranger, this time in Zambia.

The five-year, amortizing “Zambezi” bond—which was oversubscribed—was issued as a floating rate note, paying a coupon based on the 182-day Zambian Treasury bill yield minus 50 basis points. Proceeds will support IFC’s local currency investment program in Zambia. This is IFC’s second kwacha-denominated bond.

The Zambian non-Government bond market has been dormant for nearly 5 years until very recently, which meant ensuring a successful transaction for the IFC was key in building confidence for other potential issuers and investors alike going forward. Absa was appointed as lead arranger after a stringent RFP selection process, based on our market leading presence. Issuance of this bond is meant to support and encourage the development of domestic capital markets and foster economic growth and Absa’s participation is aligned with our aspirations of making a proud and positive contribution in the markets in which we operate.

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