Port-Louis. MCB Capital Markets (MCBCM) has strengthened its reputation as a sustainable finance leader after advising CIEL Limited on the successful issuance of a $31 million Sustainability-Linked Bond (SLB), the first of its kind in Africa by a diversified investment holding company.
The transaction, oversubscribed by 1.5 times, links capital raising to CIEL’s commitments on women empowerment, carbon footprint reduction, and water conservation. The deal represents nearly 13% of all outstanding SLBs across Africa.
The issuance also marked the first participation of foreign investors in Mauritius’ local currency debt capital market, with London-based Africa Local Currency Bond Fund (ALCB Fund) subscribing. The move underscores the maturity of the Mauritian bond market, which now has about $3 billion in outstanding corporate bonds.
MCBCM guided CIEL in developing its Sustainability Finance Framework in line with International Capital Markets Association (ICMA) guidelines. Morningstar Sustainalytics provided independent assessments, while FSD Africa offered technical support.
“This landmark transaction marks another step in building our advisory credentials in sustainable finance,” said Rony Lam, Chief Executive Officer of MCB Capital Markets. “We are grateful to CIEL for entrusting us with this initiative that will help change the way projects are financed.”
Anish Goorah, Senior Vice President at MCB Financial Advisers, noted that the deal underscores MCBCM’s ability to deliver across the full spectrum of sustainable finance.
“By combining technical expertise with market insight, MCB Capital Markets continues to play a leading role in the development of African capital markets,” he said.
According to ALCB Fund investment officer Olamipo Ogunsanya, the bond signals Mauritius’ growing capacity to attract sustainable finance and sets the stage for more impactful issuances across Africa.
By steering this pioneering bond, MCBCM has reaffirmed MCB Group’s ambition to drive responsible finance and promote sustainable growth across the continent.
