MCBCM advises CIEL Ltd on the first Sustainability-Linked Bond issuance by a diversified investment holding company in Africa

18 SEP 2025

MCBCM advises CIEL Ltd on the first Sustainability-Linked Bond issuance by a diversified investment holding company in Africa

MCB Capital Markets (“MCBCM”) advised CIEL Limited (“CIEL”) on the issuance of a MUR 1.45 billion (c. USD 31m) Sustainability-Linked Bond (“SLB”), the first of its kind in Africa for a diversified investment holding company. This landmark transaction highlights the strength of the partnership between CIEL and MCBCM in advancing sustainable finance and sets a new benchmark for the Mauritian capital markets.

Funds raised under the SLB are linked to CIEL’s commitment towards its sustainability objectives, namely promoting women empowerment, reducing its carbon footprint and cutting water consumption. From a strategic financing perspective, the SLB is useful in aligning CIEL’s six business clusters and in driving sustainability performance across the group. The bond, which was 1.5x oversubscribed, reflects investors’ endorsement of CIEL’s sustainability agenda, and accounts for approximately 13% of total outstanding SLBs in Africa .

The SLB also marked the first time that foreign investors, through the Africa Local Currency Bond Fund (“ALCB Fund”), participated in the Mauritian local currency debt capital market, a reflection of the maturity and growing sophistication of the market. The investment by London based ALCB Fund is in line with the fund’s dual mandate of supporting the development of domestic African capital markets and mobilising private capital in support of the UN Sustainable Development Goals. With approximately MUR 125 billion (c. USD 3 billion) in outstanding corporate bonds, the Mauritian debt capital market has, over the past decade, been a reliable source of liquidity for issuers.

MCBCM had previously advised CIEL on preparing its Sustainability Finance Framework in line with international standards, including the International Capital Markets Association (“ICMA”) guidelines. CIEL’s sustainability targets have been assessed as being material and impactful by Morningstar Sustainalytics, that provided second party opinions for both the framework and the bond issue. FSD Africa provided technical support for the issuance.

The transaction further highlights MCB Group’s role in driving sustainable finance across the region. By pairing strategic vision with technical execution, MCB Group aims to shape responsible finance practices across Africa.

Press Release