On 13 August 2026, the Africa Finance Corporation (AFC) became the first African institution to issue a digital bond on a regulated exchange: CHF 350 million (approximately $430 million) raised over five years on SIX Swiss Exchange, with settlement on the SIX Digital Exchange via blockchain technology.
A Record on the Swiss Market
The issuance is also the largest digital bond ever placed in Swiss francs, regardless of origin. The coupon was set at 1.4925% per annum for a five-year term. Arrangers Commerzbank AG and Deutsche Bank AG recorded very strong demand: approximately 90% of subscriptions came from Swiss domestic investors, of which 57% were banks and financial institutions and 37% asset managers.
Blockchain in the Service of African Finance
The bond is tokenised: ownership records and settlement are registered on the SIX Digital Exchange (SDX), a regulated market infrastructure based on Distributed Ledger Technology (DLT). This architecture delivers enhanced transparency, lower transaction costs and simplified access for international institutional investors.
Investment-Grade Ratings That Make the Difference
AFC holds top-tier credit ratings — 'A' with a positive outlook from S&P Global and A3 with a stable outlook from Moody's. These ratings, rare on the continent, allow it to access global capital markets on terms comparable to major multilateral institutions. Proceeds will be deployed to finance infrastructure projects across Africa.
Why It Matters
Africa structurally struggles to mobilise long-term capital at competitive rates. By establishing itself as the first African — and largest international — issuer on the Swiss digital bond market, AFC charts a new course for continental institutions. Tokenisation of bonds could broaden investor access and reduce the perceived risk premium on African debt, provided other players follow this path.
Sources: Africa Finance Corporation, TechAfrica News, Business Day NG, TradingView — 13-14 August 2026.