Port-Louis, September 8, 2025: CIEL Limited (CIEL) has successfully completed the issuance of MUR 1.45 billion (c.USD 31m) Sustainability-Linked Bonds (SLB), considered a pioneering first in Africa for a diversified investment holding company. This landmark transaction, facilitated by the MCB Capital Markets (MCBCM) acting as advisor, underpins the strength of this partnership to help advance sustainable finance and set a new benchmark for capital markets in Mauritius.
The funds raised under the SLB are linked to CIEL’s commitment towards sustainability objectives such as promoting women’s empowerment, reducing its carbon footprint, and cutting water consumption. It is observed that 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, being 1.5x oversubscribed, reflects investors’ endorsement of CIEL’s sustainability agenda accounts for around 13 percent of total outstanding SLBs in Africa1. 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, reflecting the maturity and growing market sophistication.
The investment made by the London-based ALCB Fund falls 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 an approximate Rs 125 billion (c. USD 3 billion) in outstanding corporate bonds, the debt capital market in Mauritius has, over the past decade, been a reliable source of liquidity for issuers.
It is recalled that the MCBCM previously advised CIEL on preparing its Sustainability Finance Framework, adhering to 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, which provided second-party opinions for both the framework and bond issue with FSD Africa lending technical support for the issuance.
This transaction highlights the role of MCB Group to help drive sustainable finance across the region and, by pairing strategic vision with technical execution, strives to shape responsible finance practices across Africa.
Commenting on the deal, Chief Executive Officer of CIEL Limited Guillaume Dalais, observed: “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.”
While the Group Finance Director of CIEL Limited Jérôme de Chasteauneuf, told: “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.”
On the other hand, the Chief Executive Officer of MCB Capital Markets, Rony Lam said: “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.”
For the SVP at MCB Financial Advisers, Anish Goorah, “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 the 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.”
The Investment Officer of the ALCB Fund Olamipo Ogunsanya, made the following comment: “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.”
