By Modupe Gbadeyanka Africa Finance Corporation (AFC) says it has issued a $500 million 7-year Eurobond, which is its second benchmark issuance under the $3 billion Global Medium Term Note Programme. The senior, unsecured Eurobond carries a coupon of 3.875 percent and was priced to yield at four percent, maturing in April 2024. AFC is only the second African development finance institution to issue a Eurobond with maturity longer than five years, a reflection of the firm\u2019s strong credit standing and its ability to match-fund medium to long-dated infrastructure investments. The corporation said on Tuesday in a statement that the Eurobond received strong global interest, with an order book of $2.4 billion. This showed that it was about five times over-subscription from 231 investors across the Middle East, Asia, the United Kingdom, Europe and the United States. Prior to the launch of the bond, AFC conducted a roadshow in London, Hong Kong, Singapore, the UAE, and the United States. The Eurobond was distributed to investors in Europe (29 percent), United States (25 percent), United Kingdom (24 percent), Asia (18 percent) and the Middle East (4 percent). The bond was rated A3 by Moody\u2019s Investor Services which is in line with AFC\u2019s issuer rating and would be listed on the Irish Stock Exchange. \u201cAFC has been committed for the last ten years to investing in projects that drive sustainable growth and development in Africa. \u201cIn that time, we have invested over $4 billion in 28 African countries. \u201cKey to delivering this, are our fund-raising activities around the world, promoting the very real investment opportunities that exist in African infrastructure. \u201cThe strong interest in this bond reflects investors\u2019 confidence in AFC\u2019s credit, strategy and risk management culture, as well as appetite for exposure to the returns available in African markets,\u201d President\/Chief Executive Officer of AFC, Mr Andrew Alli commented.