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13 Jan 2017

MCB Capital Markets advises ENL Commercial on the first rated corporate bond issue in Mauritius

MCB Capital Markets, the investment banking arm of MCB Group, the largest banking group in Mauritius, is pleased to announce that it acted as sole Advisor and Arranger to ENL Commercial Limited (ENLC), on the establishment of Commercial Investment Property Fund Limited (CIPF) and on CIPF's issue of a MUR 560 million structured bond.

CIPF, a wholly owned subsidiary of ENLC, is the first diversified commercial real estate fund in Mauritius and its bond is the first rated bond in Mauritius.

The transaction, a MUR 560 million 10-year structured bond, comprises a senior tranche yielding 6% per annum and a junior tranche yielding 7% per annum. The senior tranche received a ‘CARE MUA (SO) A-‘rating from CARE Ratings, a major ratings agency in India. The transaction was successfully placed with a range of financial institutions, which took advantage of the attractive yield, investment grade rating and capital relief provisions.

Eric Espitalier-Noël, Chief Executive Officer of ENL Commercial, commented:
“Tapping into the debt capital market was a first for us. We optimised our funding structure so that our subsidiaries can focus exclusively on their operations. The interest of investors for this opportunity coupled with the expertise of MCB Capital Markets as advisor, both contributed to the successful completion of this bond issue.”

Rony Lam, Chief Executive Officer of MCB Capital Markets, commented:
“This transaction is a significant milestone in the development of the debt capital markets in Mauritius. Credit ratings are an integral part of debt issuance and we anticipate that more issuers will choose to obtain one in the future. The successful structuring and placement of the first rated bond in Mauritius reflects our continued efforts in the development of local currency bond markets in Africa."

About MCB Capital Markets

MCB Capital Markets is the investment banking arm of MCB Group, the largest banking group in Mauritius. The company provides a broad range of services under one roof, including corporate finance advice, asset management, stockbroking, private equity, structured products and registrar. Based in Mauritius, the team works with clients wishing to start or grow their operations in Africa and helps them develop solutions that meet their financing, strategic and investment objectives.

http://www.mcbcm.mu/en/


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