PORT LOUIS, Sept 18 – CIEL Limited has issued a MUR 1.45 billion ($31 million) Sustainability-Linked Bond (SLB), becoming the first diversified investment holding company in Africa to do so.
The funds will be tied to targets such as women empowerment, cutting carbon emissions, and reducing water consumption across CIEL’s six business clusters.
The bond was oversubscribed by 1.5 times, representing about 13 percent of all outstanding SLBs in Africa.
“The successful issuance of our first Sustainability-Linked Bond marks an important milestone in our Sustainability journey, which is fully integrated with our growth ambitions,” Guillaume Dalais, Chief Executive Officer of CIEL Limited, said.
“The strong support from our financial partners confirms that our long-term vision resonates with the market and reinforces our commitment to sustainable value creation. This approach ensures that our progress remains aligned with stakeholder expectations while delivering positive impact for the communities where we operate.”
The transaction also marked the entry of foreign investors into Mauritius’ local currency debt market, with London-based Africa Local Currency Bond Fund (ALCB Fund) participating.
The move highlights growing sophistication in the Mauritian capital markets, which currently hold about MUR 125 billion (USD 3 billion) in outstanding corporate bonds.
CIEL developed its Sustainability Finance Framework with advice from MCB Capital Markets, and the targets were independently assessed by Morningstar Sustainalytics. FSD Africa provided technical support for the issue.
“This landmark transaction marks another step in building our advisory credentials in Sustainable Finance and reflects MCBCM’s efforts to remain at the forefront of financial innovation and add value to our clients. We are grateful to CIEL for entrusting us with this important initiative that will help change the way that projects are financed by the group,” Rony Lam, Chief Executive Officer of MCB Capital Markets, stated.
