IZAR was transaction adviser to CIM Financial Services Ltd on the issuance of a MUR 2 billion issuance of senior unsecured debt. The IZAR team advised the issuer on the transaction documentation and executed an investor roadshow that catered to the needs of some of the largest debt investors in Mauritius. The deal was closed at an attractive spread for the issuer and was also upsized to MUR 2.8 billion to capitalise on the oversubscription from investors.
As part of the mandate, IZAR liaised with and managed the discussion process with the chosen rating agency and worked with the Stock Exchange of Mauritius to have the bonds listed so as to improve their attractiveness and liquidity.
The issuer is rated AA and the bonds were listed on the Stock Exchange of Mauritius post issuance and immediately traded at a premium as some of investors that were unable to secure allocations searched for more.