Port-Louis, Mauritius: MCB Capital Markets (MCBCM) has hit a landmark for Mauritius Bond Market after advising CIEL Limited on the issuance of a MUR 1.45 billion (USD 31 million) Sustainability-Linked Bond (SLB), marking the first such issuance by a diversified investment holding company in Africa.
The oversubscribed bond, which drew commitments 1.5 times the initial offer, underscores investor confidence in CIEL’s sustainability agenda. According to MCBCM, the funds raised are tied to CIEL’s commitments to women empowerment, carbon footprint reduction, and water consumption cuts across its six business clusters.
This SLB is not only the first of its kind for a diversified African group but also the first time foreign investors participated in the Mauritian local currency debt market.
The Africa Local Currency Bond Fund (ALCB Fund), managed by London-based Cygnum Capital, anchored part of the issuance, reflecting the growing sophistication of Mauritius’ MUR 125 billion corporate bond market.
“By aligning the bond with specific sustainability targets, we are enhancing transparency and strengthening discipline in the way we manage capital,” said Jérôme de Chasteauneuf, Group Finance Director of CIEL Limited.
CIEL CEO Guillaume Dalais hailed the issuance as “an important milestone in our Sustainability journey, fully integrated with our growth ambitions.”
Regional Benchmark
MCBCM previously advised CIEL on developing its Sustainability Finance Framework in line with ICMA (International Capital Market Association) guidelines.
The framework and bond issue received second-party opinions from Morningstar Sustainalytics, confirming their materiality and impact. Technical support was also provided by FSD Africa.
“This landmark transaction marks another step in building our advisory credentials in Sustainable Finance,” said Rony Lam, CEO of MCB Capital Markets. “We are grateful to CIEL for entrusting us with this important initiative that will help change the way projects are financed.”
For the ALCB Fund, the issuance aligns with its dual mandate of supporting African local currency markets and mobilising capital towards the UN Sustainable Development Goals (SDGs). “This transaction demonstrates the growing potential of Mauritius to attract sustainable finance,” said Olamipo Ogunsanya, Investment Officer of the ALCB Fund.
Listed on the Stock Exchange of Mauritius, CIEL Limited operates across 11 markets in East Africa and Southeast Asia, employing more than 37,600 people. Its portfolio spans six sectors—textile, finance, healthcare, hospitality, property, and agro—accounting for more than 25 companies.
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