{"id":15153,"date":"2022-03-03T16:10:14","date_gmt":"2022-03-03T16:10:14","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=15153"},"modified":"2022-03-03T15:02:23","modified_gmt":"2022-03-03T15:02:23","slug":"rmb-helps-raise-1-2bn-for-afreximbank-in-boost-to-african-trade-post-covid-press-release","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/rmb-helps-raise-1-2bn-for-afreximbank-in-boost-to-african-trade-post-covid-press-release","title":{"rendered":"RMB helps raise $1.2bn for Afreximbank in boost to African trade post Covid \u2013 Press Release"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>RMB acted as global coordinator, bookrunner and mandated lead arranger for African Export Import Bank, or Afreximbank, in securing a USD1.2 billion (R18bn), 3-year Syndicated Term Loan Facility.<\/p>\n

Rand Merchant Bank (RMB) is the corporate and investment banking arm of FirstRand Bank Limited \u2013 of which FNB Mozambique is also a division.<\/p>\n

Afreximbank is a Pan-African multilateral financial institution that finances and promotes intra-and extra-African trade. The proceeds from the Term Loan Facility will be used mainly to refinance existing facilities and general corporate purposes.<\/p>\n

Suresh Chaytoo- Sector Head Banks and DFI\u2019s at RMB said: \u201cWe are really pleased to be part of a significant effort by Afreximbank to boost its mandate across Africa with this transaction. It is encouraging the support that this fund raise received internationally, which is a testament to the credit quality and sound risk management at Afreximbank.\u201d<\/p>\n

RMB was the only African bank appointed as global coordinator which underlines its commitment to supporting and sustaining the Africa loan market. RMB has a long-standing relationship with Afreximbank spanning ten years.<\/p>\n

RMB also worked with First Abu Dhabi Bank PJSC and Standard Chartered Bank as joint global coordinators, bookrunners and mandated lead arrangers on the facility.<\/p>\n

Launched to a limited group of relationship banks at a launch amount of US$600 million equivalent, the Facility was more than 2.3x oversubscribed allowing for Afreximbank to subsequently upsize the amount to US$1.2 billion while also scaling back the banks on the deal.<\/p>\n

This successful transaction, launched against the backdrop of volatility that resulted from the announcement of the Omicron variant of COVID-19, is testament to the strength of Afreximbank\u2019s investor relationships and the high regard and confidence that the market has for the Bank\u2019s financial strength, and its importance to the continent.<\/p>\n

Peter Blenkinsop, CEO of FNB Mozambique, said \u201cThis transaction demonstrates the international and African market capability and expertise that FNB Mozambique is able to call on through its association with the FirstRand Group, and this is fully available to Mozambican entities.\u201d<\/p>\n

Afreximbank has a rich history of intervening in support of African countries in times of crisis. Through the Pandemic Trade Impact Mitigation Facility (PATIMFA) launched in April 2020, the Bank has disbursed more than US$7.5 billion to help member countries manage the adverse impact of financial, economic, and health shocks caused by the COVID-19 pandemic.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. RMB acted as global coordinator, bookrunner and mandated lead arranger for African Export Import Bank, or Afreximbank, in securing a USD1.2 billion (R18bn), 3-year Syndicated Term Loan Facility. Rand Merchant Bank (RMB) is the corporate and investment banking arm of FirstRand Bank Limited \u2013 of which FNB Mozambique is also a division. 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