AFC reports big demand for maiden sukuk issue

Africa Finance Corporation (AFC) reported high levels of investor interest for its debut Islamic bond (sukuk) issue. The Lagos-based development finance institution and project developer said that “in addition to being the first sukuk transaction of 2017, it is also the first sukuk to be issued by an African supranational entity”. The initial target, to raise $100m, was more than twice oversubscribed; the transaction was subsequently upsized to $150m and the final order book had reached approximately $230m at close on 24 January.