The transaction marks Angola's debut in Japan's domestic bond market, and supports the country's ongoing efforts to diversify funding sources and broaden its international investor base. The issuance reflects strong demand from Japanese institutional investors for high-quality African sovereign exposure, and the success of the offering underscores the continued deepening of capital markets links between Africa and Japan.
AFC's involvement in the transaction is aligned with its mandate to catalyse sustainable economic growth across the continent by facilitating access to competitive funding and expanding market participation, and follows Angola becoming a sovereign shareholder of AFC in June 2025.
Partner Tom Longmuir said, "We are delighted to have acted for AFC on another significant financing. This issuance highlights the 'keystone' role development financial institutions play in mobilising private capital in Africa through structured, innovative risk-sharing solutions. The transaction plays to our recognised strengths advising on emerging markets financings credit-enhanced by multilateral and development finance institutions."
Ashurst drew on its market-leading cross-border expertise in private capital mobilisation to help deliver the transaction - encompassing sovereign, debt capital markets, regulatory capital and structured finance expertise - including following the hire of capital markets partner Chihiro Ashizawa in Tokyo, which is intended to help connect Japanese institutional capital with opportunities originated worldwide.
The Ashurst team was led by partner Tom Longmuir and counsel Cédric Gamambaye Dionmou, and comprised senior associate Samia Khennous, as well as associates Silvija Jurgsaityte and Lilian Decot and trainee solicitor Peggy Flanagan. Partner Myfanwy Wood and senior associate Matthew Harnett were also part of the team, advising on jurisdictional and immunity-related matters.
Ashurst is a longstanding legal adviser to AFC and, led by relationship partner Matthew Wood, has played a key role in advising AFC on many of its international borrowings over the past years as its institutional footprint and balance sheet have grown considerably.
