Rwanda’s US$400 million Eurobond issued last year was recognised as “Deal of the Year” by international finance magazine, Euromoney, citing its timeliness and the attraction it created on the global capital market.
Rwanda’s inaugural 10-year Eurobond was issued on the Irish Stock Exchange on April 25, 2013 with an interest rate of 6.625 percent.
“Our plan was to raise money to support long term projects. The reaction from market was very positive with the Bond oversubscribed, it was a vote of confidence from international investors on Rwanda’s economy and how it is managed,” Claver Gatete, Mister for Finance said.
The Eurobond received positive reviews at the time of issuance, with the Financial Times reporting that although it was less than the required minimum benchmark of US$500 million, investors were undeterred and indicated huge interest due to Rwanda’s steady economic growth.