Luxembourg, 03/04/2007 (Agence Europe) - The European Investment Bank (EIB) has launched the international market's first ever bond issue denominated in MUR (Mauritian rupees). This extension of Euromarket bond issuance in African currencies follows EIB's innovative issuance in a range of African currencies.
The bond matures on 4 April 2010 and carries an issue size of MUR 1,000,000,000 (approx €23 million), representing a benchmark size for this market. The bond has an issue price of 100% and an annual coupon of 11.4%. Settlements and payments are in euros as determined by the Calculation Agent, based on the MUR/EUR exchange rate. The issue was lead-managed by State Bank of Mauritius and WestLB. The issue reflects the EIB's approach of seizing issuance opportunities in the currencies of selected African EU Partner countries, where the EIB has a lending mandate under the EU's development and cooperation policies. In addition to its well-established presence in the South African Rand market, the EIB has also launched bonds in Egyptian Pounds, Botswana Pula and Namibian Dollars. This issue also provides a platform for potential future issuance to complement EIB lending activities, thereby serving the EIB's development mandate in the region. Under the successive Yaoundé/Lomé/Cotonou Conventions, the EIB has already signed loans for a total amount of over €273 million for projects in Mauritius. EIB lending to date has been focussed on public sector infrastructure and support to private enterprises, both directly and indirectly through loans via intermediaries for small and medium-scale enterprises. (ol)