The African Export-Import Bank (Afreximbank) has successfully closed its second Samurai bond transaction, securing a total of JPY 81.8 billion ($527 million) through regular and retail Samurai Bonds offerings.
Samurai bonds refer to Yen-denominated bonds issued in Japan by non-Japanese entities like Afreximbank. They are sold to Japanese investors under Japan’s market rules.
The execution surpasses the African bank’s 2024 debut issuance size, attracting orders from more than 100 institutional and retail investors, marking a renewed demonstration of strong Japanese investor confidence in the Bank’s credit and its growing presence in the yen capital markets.
On November 18, Afreximbank priced a JPY 45.8 billion 3-year tranche in the Regular Samurai market following a comprehensive sequence of investor engagement activities leveraging Tokyo International Conference on African Development (TICAD9), including Non-Deal Roadshows (NDRs) in Tokyo, Kanazawa, Kyoto, Shiga and Osaka, a Global Investor Call, and a two-day soft-sounding process which tested investor appetite across 2.5-, 3-, 5-, 7-, and 10-year maturities.
With market expectations of a Bank of Japan interest rate increase, investor demand concentrated in shorter tenors, resulting in a focused 3-year tranche during official marketing.
The tranche attracted strong participation from asset managers (22.3 per cent), life insurers (15.3 per cent), regional corporates, and high-net-worth investors (39.7 per cent).
Concurrently, Afreximbank priced its second Retail Samurai bond on November 18, a JPY 36.0 billion 3-year tranche—more than double the inaugural JPY 14.1 billion retail Samurai issuance completed in November 2024. The 2025 retail Samurai bond also marks the first retail Samurai bond issued in Japan in 2025.
Following the amendment to Afreximbank’s shelf registration on 7 November 2025, SMBC Nikko conducted an extensive seven-business-day demand survey through its nationwide branch network, followed by a six-business-day bond offering period. The offering benefited from strong visibility supported by Afreximbank’s investor engagement across the country, including the Bank’s participation at TICAD9, where Afreximbank hosted the Africa Finance Seminar to introduce Multinational Development Bank’s mandate in Africa and its credit profile to key Japanese institutional investors.
SMBC Nikko Securities Incorporated acted as Sole Lead Manager and Bookrunner for both the Regular and Retail Samurai transactions.
Mr Chandi Mwenebungu, Afreximbank’s Managing Director, Treasury & Markets and Group Treasurer, commented, “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. 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.”