MCB Capital Markets (MCBCM) has advised CIEL Limited (CIEL) on the issuance of a MUR 1.45 billion (approximately USD 31 million or Sh 4.0 billion) Sustainability-Linked Bond (SLB), the first such issuance in Africa by a diversified investment holding company.
This landmark deal underscores the strength of the partnership between CIEL and MCBCM in advancing sustainable finance while setting a new benchmark for the Mauritian capital markets.
The funds raised under the SLB are tied to CIEL’s sustainability goals, which include promoting women’s empowerment, reducing its carbon footprint, and cutting water consumption.
Strategically, the bond aligns CIEL’s six business clusters with measurable sustainability performance targets.
The issuance was oversubscribed 1.5 times, signalling strong investor confidence in CIEL’s sustainability agenda.
The transaction accounts for around 13 per cent of all outstanding SLBs across Africa.
It also marked a first for foreign investor participation in Mauritius’ local currency debt capital market, with the London-based Africa Local Currency Bond Fund (ALCB Fund) joining.
This reflects the growing maturity and sophistication of Mauritius’ debt market, which has Sh16.1 trillion (USD 3 billion) in outstanding corporate bonds.
MCBCM previously guided CIEL in preparing its Sustainability Finance Framework in line with International Capital Markets Association (ICMA) guidelines.
Morningstar Sustainalytics, which provided second-party opinions, confirmed that CIEL’s targets were both material and impactful. FSD Africa also offered technical support.
Guillaume Dalais, CEO of CIEL Limited, described the SLB as a milestone fully aligned with the company’s growth ambitions.
“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,” he said.
Jérôme de Chasteauneuf, CIEL’s Group Finance Director, said the bond enhances transparency and financial discipline.
“By aligning the bond with specific sustainability targets, we are creating long-term value for shareholders while contributing to positive social and environmental progress,” he noted.
Rony Lam, CEO of MCB Capital Markets, said the transaction strengthens MCBCM’s role in shaping sustainable finance in Africa.
“We are grateful to CIEL for entrusting us with this important initiative that will help change the way projects are financed by the group,” he said.
Anish Goorah, Senior Vice President at MCB Financial Advisers, added: “The ALCB Fund’s subscription demonstrates the increasing sophistication of Mauritius’ local currency debt capital market.”
From the investor side, Olamipo Ogunsanya of the ALCB Fund said:
“This transaction marks an important milestone in our commitment to deepening African local currency bond markets. It demonstrates Mauritius’ growing potential to attract sustainable finance and will pave the way for many more impactful issuances in the region.”
The deal also reinforces MCB Group’s role as a regional leader in sustainable finance, with a commitment to pairing strategic vision with technical expertise to drive responsible financial practices across Africa.
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