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VENTURES AFRICA – African Bank, a wholly-owned subsidiary of South Africa’s biggest provider of unsecured loans, African Bank Investments Limited (ABIL), on Wednesday said it had “successfully” issued a four-and-a-half-year senior unsecured Swiss bond worth R2.1 billion ($190.5m).
African Bank said the bond is the lender’s usual activity of raising money on the market and like all other previous issues the money is meant for business reasons.
The bond, the fourth to be issued by the lender since its first Swiss bond issuance two years ago, is set to mature in the next five years and will pay an “annual fixed coupon of 5.0%.”
The bond will be listed on the Swiss Exchange, which is the Zurich-based principal exchange in Switzerland.
The bond will be listed under African Bank’s current $6 billion Euro medium term note programme, the lender said.
Gavin Jones, African Bank’s executive of funding and liability, said he is extremely elated at the backing they got from the Swiss investors, adding this is a single biggest bond they have placed in the Swiss market.