AMS to Launch Rwanda’s First Healthcare Sector Corporate Bond
TLDR
- Africa Medical Supplier PLC (AMS) has received regulatory approval from the Rwanda Capital Market Authority to issue the country’s first healthcare sector corporate bond
- The company plans to raise Rwf5 billion through a 5-year Medium-Term Senior bond, which will be issued in a single tranche
- Listing on the Rwanda Stock Exchange is scheduled for August 22, when secondary market trading will begin
Africa Medical Supplier PLC (AMS) has received regulatory approval from the Rwanda Capital Market Authority to issue the country’s first healthcare sector corporate bond. The company plans to raise Rwf5 billion through a 5-year Medium-Term Senior bond, which will be issued in a single tranche.
The bond carries a fixed annual interest rate of 13.25% and requires a minimum subscription of Rwf1,000,000. It follows an amortizing repayment structure with semi-annual interest payments and principal repayments beginning 18 months after settlement. The bond’s weighted average life is approximately 3.25 years.
The public offering opens on July 24 and closes August 7. Listing on the Rwanda Stock Exchange is scheduled for August 22, when secondary market trading will begin.
AMS supplies medical equipment and products to hospitals, clinics, and pharmacies in Rwanda and the Democratic Republic of Congo. Proceeds from the bond will be used to refinance USD-denominated debt and support business expansion.
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Key Takeaways
AMS’s bond issuance is a milestone for Rwanda’s capital markets, introducing healthcare as a new sector for corporate debt financing. It marks the first time a medical supplier has tapped public markets for growth capital, broadening the pool of investable sectors on the Rwanda Stock Exchange. The 13.25% coupon reflects investor demand for yield in an inflation-sensitive environment, while the bond structure—with semi-annual payments and a delayed principal schedule—offers income with moderate risk. The move supports Rwanda’s broader financial inclusion and capital market deepening goals. By shifting away from foreign currency debt and toward local-currency financing, AMS reduces exposure to exchange rate volatility and aligns with national efforts to promote domestic resource mobilization. If successful, AMS could open the door for other healthcare and SME players to access long-term local funding. It also signals the potential of Rwanda’s private sector to adopt structured financial tools for scalable and sustainable growth.






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