Afreximbank tightens guidance for tap to 10bp-15bp new issue premium

Afreximbank has tightened price guidance for a tap of its $500m 4.75% 2019s to 310bp-315bp over mid-swaps. A syndicate official away from the deal said that this equates to a 10-15bp premium over the pre-announcement trading level of the outstanding bond, which he called fair.