Lagos-based Africa Finance Corporation's debut $750M Eurobond sees $4.7B in demand

Andrew Alli, President & CEO, Africa Finance Corporation (AFC). Credit:

Africa Finance Corporation (AFC), a Lagos-based development financier, has issued a five-year debut $750 million Eurobond at 4.375 percent attracting $4.7 billion in bids from institutional investors in Asia, Europe and the U.S.

The Nigeria-based development institution, in which seven west African states including Nigeria and Ghana own a 46 percent stake, was set up to provide public and private money for major infrastructure projects around Africa.

AFC said the notes, which mature in April 2020, will be the first issue under a $3 billion global medium term note program.

Read more: Africa Finance Corp debut $750 mln Eurobond sees heavy demand – Yahoo News.