Ebene, 18 September 2025 - CIEL Limited (“CIEL”) has successfully completed the issuance of MUR 1.45 billion (c.USD 31m) Sustainability-Linked Bonds (“SLB”), a pioneering first in Africa for a diversified investment holding company. MCB Capital Markets (“MCBCM”) acted as advisor on this landmark transaction, which underscores the strength of their partnership 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. 

Guillaume Dalais, Chief Executive Officer of CIEL Limited, commented: “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. 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." 

Jérôme de Chasteauneuf, Group Finance Director of CIEL Limited, commented: “The successful transaction of our first Sustainability-Linked Bond marks an important achievement in the journey set out by our Sustainable Finance Framework. By aligning the bond with specific sustainability targets, we are enhancing transparency and strengthening discipline in the way we manage capital. Building on our sustainability governance structure, this approach supports the creation of long-term value for shareholders while contributing to positive social and environmental progress." 

Rony Lam, Chief Executive Officer of MCB Capital Markets, commented: “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." 

Anish Goorah, SVP at MCB Financial Advisers, commented: “This transaction testifies to the ability of MCB Capital Markets to advise clients across the full spectrum of sustainable finance, from the development of frameworks to the structuring and issuance of innovative instruments. By combining deep technical expertise with practical market insights and profound knowledge of investor base, MCB Capital Markets continues to play a leading role in the development of African capital markets. The ALCB fund’s subscription in the CIEL bond demonstrates the increased sophistication of the Mauritian local currency debt capital markets." 

Olamipo Ogunsanya, Investment Officer of the ALCB Fund commented: “We are delighted to make our first investment in Mauritius through CIEL’s debut Sustainability-Linked Bond. This transaction marks an important milestone in our commitment to deepening African local currency bond markets, demonstrates the growing potential of Mauritius to attract sustainable finance, and will help forge a path for many more impactful issuances across the region."