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African Export–Import Bank (Afreximbank) has successfully completed its second Samurai bond issuance, raising JPY 81.8 billion (approximately USD 527 million) in the Japanese debt capital market. Building on its 2024 debut, this issuance marks another major step in the Bank’s effort to broaden its investor base and diversify funding across global markets.
The offering comprised two three-year tranches: a JPY 45.8 billion Regular Samurai and a JPY 36.0 billion Retail Samurai. The retail tranche more than doubled the Bank’s prior retail issuance of JPY 14.1 billion, making it Afreximbank’s largest retail placement in Japan and the first such issuance in the Japanese market in 2025.
Managed exclusively by SMBC Nikko Securities Inc., the transaction drew interest from over 100 institutional and retail investors, including asset managers, life insurers, regional corporations and high-net-worth individuals. The Regular Samurai tranche saw strong participation from asset managers (22.3 percent) and life insurers (15.3 percent), reflecting heightened institutional confidence and sustained retail appetite for African-linked credit.
Investor outreach coincided with the Tokyo International Conference on African Development (TICAD9), combining in-person meetings with a global investor call. Afreximbank conducted a non-deal roadshow across several Japanese cities—Tokyo, Kanazawa, Kyoto, Shiga and Osaka—followed by a soft-sounding exercise that tested demand for various maturities. With expectations of changes to Japan’s monetary policy and potential Bank of Japan rate adjustments, investors showed a clear preference for shorter tenors, resulting in a final three-year maturity structure.
Following an amended shelf registration on 7 November 2025, SMBC Nikko carried out a seven-day nationwide retail demand survey, succeeded by a six-business-day offering period during which the issue was fully subscribed. The Bank’s visibility was further elevated through its engagement at TICAD9, including hosting the Africa Finance Seminar, which showcased its development mandate, credit strength and role in regional integration.
Chandi Mwenebungu, Managing Director of Treasury and Markets and Group Treasurer at Afreximbank, noted that the success of the 2025 Samurai issuance underscores deepening ties with Japanese investors and growing confidence in the Bank’s creditworthiness.
Afreximbank’s consistent success in the Samurai market highlights Japan’s increasing openness to African multilateral development institutions. It also reflects a more mature Africa–Asia financial relationship—one shaped by partnership and shared strategic interests in infrastructure, trade and integration rather than traditional donor–recipient dynamics. The issuance aligns with Afreximbank’s broader funding strategy in support of its pan-African mission, including regional value chain development and trade finance.
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Beyond its technical structure, the transaction carries broader significance. It signals rising global appetite for African sovereign and multilateral credit and demonstrates the expanding potential for African issuers in non-traditional capital markets. For Japanese investors, it offers valuable diversification through exposure to African assets and reinforces the emerging view of Africa as a credible, investible financial destination.
Ultimately, the successful issuance affirms that African institutions can operate with strength and credibility in global markets. Through instruments like Samurai bonds, Afreximbank continues to reshape perceptions of African finance—anchoring them in performance, discipline and long-term vision rather than aid-driven narratives.
