African Bank issues CHF 150mn three-year Swiss bond.

By bne IntelliNews July 25, 2012
South African unsecured lending provider African Bank said it has issued an inaugural three-year, fixed rate senior unsecured Swiss bond of CHF 150mn (EUR 124.9mn), the first ever Swiss issuance by an African bank. The bond is due July 24, 2015 and has an annual coupon rate of 4.75%, payable annually. It will be listed on the SIX Swiss Exchange. African Bank said it had decided to pursue an offering and listing in the Swiss market after it saw a substantial interest from Swiss investors in its USD-denominated bonds issued in June 2011 and February 2012. The new issue has further diversified African Banks funding base and broadened its investor universe. It is the first ever CHF issuance by a bank in Africa and the first bond to be issued by a South African institution in the Swiss public market in more than 20 years, the bank said in a statement. African Bank, a wholly-owned subsidiary of South African mass lender African Bank Investments Limited (ABIL), posted a 22% growth in headline earnings for the six months to end-March 2102 to ZAR 1.26bn (EUR 122.9mn), benefitting from strong sales and advances growth.

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