Rwanda: IFC announces the launch of a bond in local currency in May
The International Finance Corporation (IFC) has announced the launch of a bond in local currency, on the Rwandan Capital Market.The International Finance Corporation (IFC) has announced the launch of a bond in local currency, on the Rwandan capital market.
Alexandra Klopfer, Spokesman for the IFC Office in Washington, told Bloomberg that the operation should take place next May, but did not disclose the amount that would
be on offer.
However, according to the East African newspaper, the institution hopes to raise about 15 billion Rwandan Francs (€16 million).
The transaction is expected to diversify and expand the range of products offered by the Rwanda Stock Exchange and to diversify the profile of investors.
It is part of an IFC programme to promote the launch of medium-term bonds in local currency in several countries in Africa, the first of which was the 150 million Kwacha bond issued
in September 2013 in Zambia.
The first Rwandan bond on international markets, issued in April 2013 for $400 million (€305.7 million), was a resounding success, as investors oversubscribed the offer 7.5 times.