Africa Finance Corporation (AFC), a pan-African development finance institution, has issued its maiden Sukuk as the first Sukuk to be issued by an African supranational entity. The initial target of US$100 million was more than twice oversubscribed, resulting in the transaction being upsized to US$150 million and a final order book of approximately US$230 million. The privately placed Murabaha Sukuk has a three year tenor and will mature on 24 January 2020. Emirates NBD Capital, MUFG and RMB acted as Joint Bookrunners and Joint Lead Managers with Emirates NBD Capital also acting as the Sole Global Coordinator. Andrew Alli, President and CEO of AFC, said this Sukuk represents a milestone for AFC and helps to diversify its portfolio to continue delivering real impact across the continent.