A FTSE 250 company based in the UK is not the most obvious candidate to stimulate Africa’s corporate bond market. However bankers hope that oil company Afren’s transaction in late January is a much-needed wake-up call.
Although the oil exploration and production firm is headquartered in London, its business is purely African, with its biggest assets in Nigeria.
On January 27, it launched a $450 million, five-year senior secured bond, becoming the first sub-Saharan Africa corporate to borrow in the international capital markets.
The bonds, which were rated B– by Standard & Poor’s and B by Fitch, were priced to yield 11.75%
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