London—Dentons is pleased to have advised the Joint Lead Managers, including HSBC Bank plc, Emirates NBD Capital, MUFG Securities EMEA plc and Standard Chartered Bank, on the update of its U.S.$5 billion Global Medium Term Note Programme (the Programme) and an issuance of US$600 million 2.634% notes due 2026 and US$700 million 3.798% notes due 2031 by the African Export-Import Bank (Afreximbank) under the Programme. HSBC Bank plc also acted as the Global Coordinator for the Programme and the notes issuance. This was Afreximbank's largest-ever transaction in the international capital markets.

Afreximbank is a leading pan-African supranational finance institution whose purpose is to facilitate, promote, and expand African trade. Recently, Afreximbank played a key role in supporting Governments throughout Africa in dealing with the economic and health impacts of the COVID-19 pandemic through its Pandemic Trade Impact Mitigation Facility.

The notes were offered to qualified institutional buyers in the United States in reliance on Rule 144A under the US Securities Act of 1933, as amended (the Securities Act), and outside of the United States in reliance on Regulation S under the Securities Act. The notes were listed on the Official List of Euronext Dublin and admitted to trading on the Global Exchange Market. The transaction, which also included an update of the Programme, was launched in just four weeks from the start of work.

London-based Capital Markets partner Nick Hayday said, ''It was a great honour to have worked closely with one of the most significant financial institutions in Africa and the underwriters on this historic transaction. This transaction is a testament to the strength of our emerging markets practice.''

London-based US Securities partner Cameron Half said, ''We are grateful for the trust shown by our clients in our capabilities to execute high-profile transactions within a short time frame. This bond issuance will enable Afreximbank to provide support throughout the continent and boost African trade.''

London-based Capital Markets partner Nick Hayday and Capital Markets and US Securities partner Cameron Half led on the transaction, and were supported by Capital Markets associate A. Moeen Qayum, US Securities associate Yash Ranade and London trainees Daisy Robson-Odugbemi and Ronan Chisholm. Washington, DC Tax partner Jon T Hutchens advised on US tax matters.

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