From Ventures Africa.

The Rwandan government has secured a $400-million, 10-year Eurobond, a first for Rwanda and East Africa, making it the latest sub-Saharan country to get funding from international capital markets, according to a report.

Anne Aliker, head of investment banking at South African lender Stanbic Bank, said Stanbic advised Rwanda on the transaction and acts as a ratings adviser for its government.

The money will be used to finance an international convention center for Rwanda and Rwandair, the national airline carrier.

Bids of $3.5 billion, about 7.5 times the issue size, were received for the bond, an indication of the level of interest in the deal, Aliker said in the report. The bond was priced at 6.875 percent for 10 years and trading started at 6.625 percent, according to the report.

The deal shows positive feelings for the fast-growing Rwandan economy, how it’s being managed, political stability and prospects for the whole region, she said.

Read more at Ventures Africa.