Afreximbank Raises ¥81.8 Billion in Oversubscribed Second Samurai Bond
Atume Terfa
Afreximbank has successfully closed its second issuance of Samurai bonds, raising ¥81.8 billion (approximately US$527 million), in a deal that highlights growing confidence among Japanese investors in the pan-African lender.
According to the bank, the 2025 issuance outperformed its 2024 debut, both in total size and in retail participation, signalling strong demand for African-focused investments in Japan.
On 18 November 2025, Afreximbank priced a ¥45.8 billion, three-year “Regular” Samurai tranche following extensive investor outreach during the Tokyo International Conference on African Development (TICAD9). The outreach included roadshows across Tokyo, Kanazawa, Kyoto, Shiga, and Osaka, as well as a global investor call and a soft-sounding period exploring maturities ranging from 2.5 to 10 years. The bank also issued a ¥36.0 billion, three-year “Retail” Samurai bond, more than double the size of its 2024 retail issuance of ¥14.1 billion, marking the first Japanese retail Samurai bond issue of 2025.
The Regular tranche drew a wide variety of investors, including asset managers, life insurers, regional corporates, and high-net-worth individuals, reflecting a diversified demand across Japan’s institutional and retail markets. SMBC Nikko Securities served as Sole Lead Manager and Bookrunner for both tranches, overseeing the placement and execution of the deal.
This successful issuance reinforces Afreximbank’s growing footprint in the Japanese yen capital markets, expanding its funding beyond traditional Western financing channels. The strong response from both institutional and retail investors also reflects robust confidence in the bank’s creditworthiness, supported by the reaffirmation of its “A-/Stable” issuer rating from Japan’s Credit Rating Agency earlier in 2025.
The funds raised from the Samurai bond are expected to support trade finance and development projects across Africa, promoting industrialisation, facilitating intra-African trade, and supporting initiatives under the African Continental Free Trade Area (AfCFTA). From its debut Samurai bond in late 2024, where it raised ¥81.3 billion, to this latest issuance, Afreximbank has demonstrated steady progress and growing acceptance among Japanese investors.
In a global environment of tightening liquidity and cautious lending, this performance underscores both Afreximbank’s resilience and the increasing appeal of Africa-focused investments in Asia’s bond markets. Analysts view the success of this deal as part of a broader strategy by the bank to tap diverse funding sources while deepening financial partnerships beyond traditional lenders.
