The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

African deal of the year 2013: Republic of Rwanda

Republic of Rwanda's $400 million Eurobond
Lead managers BNP Paribas, Citi
return to the Deals of the Year 2013 index

In 2010, with questions surrounding how Rwanda could fund costly, large-scale projects including a convention centre and national carrier RwandAir, policymakers were forced to look for innovative ways to raise cash.

As members of the ministry of finance sought advice from international commercial banks, BNP Paribas came up with a surprising suggestion: to issue a Eurobond.

"We had seen growth in demand for prime African sovereigns in the two years preceding the issue," says Nick Darrant, head of Ceemea syndicate at BNP Paribas based in London, who worked on the deal. "So we went to the government there and suggested this could be a real possibility. This would be a great chance to educate international investors on Rwanda’s success story." Interest in a possible Eurobond issue slowly eased its way into popular debate at the ministry.

"The pressure was mounting and we needed to get the funding from somewhere.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree