African financial company issues first $431 million digital bond
Africa Finance Corporation has raised 350 million Swiss francs or about $431 million, through its first digital bond, becoming the first African institution to issue such debt through a regulated exchange and central securities depository. AFC digital bond raises $431 million Ledger Insights reported that Africa Finance Corporation issued the five-year bond through SIX, using its SDX digital platform for clearing and settlement. The transaction represents the first digital bond from an African institution to be processed through both a regulated exchange and a central securities depository. Priced with a coupon of 1.4925%, the 350 million-franc bond is among the larger digital debt issues completed through the Swiss platform. UBS issued a 375 million-franc digital bond in 2022, according to Ledger Insights. AFC separately described its offering as the largest Swiss franc-denominated digital bond from an international issuer. The company said it was also its fourth and largest bond issued in Swiss francs, following a 150 million-franc green bond completed in 2020. Investor demand came mainly from Switzerland, with domestic accounts contributing about 90% of the orders and international investors providing the remaining 10%, according to AFC. Banks and other financial companies accounted for 57% of the order book, while asset managers represented 37% and