{"id":25440,"date":"2020-10-02T08:42:26","date_gmt":"2020-10-02T07:42:26","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=25440"},"modified":"2020-10-02T08:42:26","modified_gmt":"2020-10-02T07:42:26","slug":"afdb-wins-global-award-for-covid-19-bond-issue","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/afdb-wins-global-award-for-covid-19-bond-issue\/","title":{"rendered":"AfDB wins global award for COVID-19 bond issue"},"content":{"rendered":"\n

By Tanko Mohammed<\/strong><\/p>\n\n\n

The African Development Bank  was selected in a poll of bond market players as the best issuer in 2020 of a COVID-19 bond for its $3 billion denominated Fight COVID-19 social bond issued on March 27, 2020.<\/p>\n\n\n

The winners of the GobalCapital Bond Awards 2020 were announced on 30 September at a ceremony held virtually for the first time in 12 years. GlobalCapital is a leading source of information on global capital markets with coverage of all market segments.<\/p>\n\n\n

\u201cWe are grateful for the market\u2019s recognition of the Bank\u2019s effort in responding quickly to the needs of the continent with its Fight COVID-19 Social Bond which is an important instrument in alleviating the impact of the COVID-19 pandemic on African economies and lives.<\/p>\n\n\n

Thanks to the very strong support received by investors, we were able to provide an efficient response at a very challenging time while also catering to the needs of socially responsible investors looking for impactful investments,\u201d said Ms. Bajabulile Swazi Tshabalala, the Bank\u2019s Senior Vice President and Chief Finance Officer.<\/p>\n\n\n

The Fight COVID-19 bond, floated on the Luxembourg Stock Exchange and significantly oversubscribed, was the world\u2019s largest social bond at time of issuance.<\/p>\n\n\n

The Bank has since listed the bond on both the London Stock Exchange and Nasdaq. Bond proceeds, with a three-year maturity, will go to alleviate the impact of the pandemic on livelihoods and Africa\u2019s economies.<\/p>\n\n\n

\u201cThe primary debt capital markets\u2019 response to the coronavirus crisis has been resilient and robust. Institutions all over the world from governments and multilateral development banks, to domestic lenders, to companies have raised vital financing to see them through this extraordinary period,\u201d GlobalCapital noted in its winners\u2019 announcement release.<\/p>\n\n\n

The bond issue is part of a suite of interventions the Bank has rolled out to strengthen African countries\u2019 responses to the health and economic impacts of the COVID-19 pandemic. This includes a COVID-19 Response Facility of up to $10 billion to provide flexible and emergency assistance to the Bank\u2019s members to shore up their national budget, economies and livelihoods of their citizens.<\/p>\n\n\n

\u201cThe African Development Bank is proud of the success of its landmark \u201cFight COVID-19 Social Bond\u201d, launched to help alleviate the impact of the pandemic on people\u2019s lives and livelihood.<\/p>\n\n\n

This transaction, the largest social bond at the time of issuance, reflects investors\u2019 confidence in the Bank\u2019s Social Bond framework, and its capacity to deliver.<\/p>\n\n\n

We were among the pioneers in the Social Bond market, and would like to thank all our partners, including the arrangers and investors, for their continued trust and support and share this award and success with them,\u201d said Hassatou N\u2019Sele, Treasurer of the Bank.<\/p>\n\n\n

The Bank is a recognized pioneer in the social bond sphere. In March 2020, it received the Environmental Finance\u2019s 2020 bond of the year award\u2014SSA category\u2014 for a successful one billion Norwegian krone (NOK) social bond issued in 2019. It was the first social bond ever launched in the Norwegian market, and the Bank\u2019s first transaction in Norwegian Krone.<\/p>\n\n\n

In 2018, the Bank was recognized as \u201cSecond most impressive social or sustainability bond issuer\u201d at the Global Capital Socially Responsible Investments Awards. Since 2017, the Bank has launched nearly $5 billion worth of such instruments denominated in US dollars, euros and Norwegian krone.<\/p>\n\n\n

The Bank is rated AAA by all the major rating agencies. In late 2019, the Board of Governors of the Bank Group approved a 125% increase in the General Capital of the Bank, raising its capital from $93 billion to $208 billion, the largest increase in the institution\u2019s history.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Tanko Mohammed The African Development Bank  was selected in a poll of bond market players as the best issuer in 2020 of a COVID-19 bond for its $3 billion denominated Fight COVID-19 social bond issued on March 27, 2020. 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