Afrexim Bank Issues RMB 2.2B of Panda Bond in China

On 8 April 2025, the African Export-Import Bank (Afreximbank) announced that it has successfully issued its first Panda Bond on the Chinese market. The Panda Bond have a 3-year term with a coupon rate of 2.99 %. This issue is for a total value of RMB 2.2 billion ($303M).

The issuance actually took place on 28 March 2025 and paves the way for other African banking institutions to raise capital in China and broaden their financing sources. Bank of China was the lead underwriter and bookrunner, with the China Export-Import Bank (CEXIM) and the Industrial & Commercial Bank of China (ICBC) acted as joint underwriters.

“This issuance highlights Afreximbank’s commitment to diversifying its funding sources and to tapping into new pools of capital to drive economic development across Africa. It further reinforces the long-term economic and trade partnership between China and Africa, fostering deeper financial integration and collaboration. In addition, it underscores the growing recognition of Africa’s economic potential among international investors as it paves the way for greater participation in Africa’s financial markets while bolstering the continent’s standing in the global investment landscape.”

Afreximbank Treasurer Chandi Mwemebungu

This deal represents a first-ever Panda bond issued by a pan-African multilateral financial institution and the second issuance of Panda Bond from Africa following the successful raising of capital by Egypt in 2023.

This transnational issuance of the Panda Bond in an alternative market underscores Afreximbank’s determination to pursue strategic diversification in its funding mix, highlights the Bank’s solid credit history, and reflects strong investor confidence in the African economy.