• EDITORIAL POLICY
  • ABOUT US
PML Daily
No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
No Result
View All Result
PML Daily
No Result
View All Result
Home BUSINESS

AfDB launches first ESG African frontier-currency bond

NELSON MANDELA | PML Daily ReporterbyNELSON MANDELA | PML Daily Reporter
June 30, 2022
4 0
3
SHARES
62
VIEWS
FacebookWhatsAppTwitter
African Development Bank’s President, Akinwumi Adesina (PHOTO/Courtesy).

ABIDJAN — The African Development Bank (AfDB) on 14 June 2022 launched a 19-billion Ugandan shilling ($5.07 million) 2-year theme bond, the first-ever African frontier currency-denominated environmental, social and governance (ESG) issuance by a multilateral development institution.

The bond, due June 2024, will be settled in dollars at a fixed coupon of 10.5%. It was issued under the African Development Bank Group’s ‘Feed Africa’ strategic High 5 and marks the Bank’s first offshore UGX bond issuance in 2022. Standard Chartered Bank arranged the transaction under the Bank’s Global Debt Issuance Facility. Capitulum Asset Management was the investor.

The Bank will direct funds equal to the net proceeds of the issue to lending projects that advance the ‘Feed Africa’ strategic priority, in accordance with its lending standards.

Keith Werner, African Development Bank Division Manager for Capital Markets and Financial Operations, said: “The African Development Bank is very pleased to collaborate with Standard Chartered Bank and Capitulum Asset Management to launch this inaugural African frontier currency ESG transaction, contributing to our High-5 development priorities while extending our investor reach in Europe.”

Under its Feed Africa strategy, the Bank is working to (i) contribute to reduce poverty; (ii) end hunger and malnutrition; (iii) make Africa a net food exporter; and (iv) move Africa to the top of export-orientated value chains where it has a comparative advantage. Feed Africa’s overall goal is to make Africa a net food exporter by 2025.

Theodor Kirschner, Fund Manager at Capitulum Asset Management said: “Our participation in the African Development Bank’s Ugandan shilling bond funding the ‘Feed Africa’ program helps us to reach our goal to invest with a positive impact while providing an adequate yield in a frontier currency.”

Dain Sherborne, head of EM SSA Bond Trading and Annemarie Ganatra, head of MTNs at Standard Chartered Bank, said: “We are delighted that our core strengths in African markets have enabled us to arrange this ‘Feed Africa’ theme bond issuance for AfDB. We look forward to continuing to strengthen our partnership with multilateral development banks to help them achieve their common goals.”

Share this:

  • Twitter
  • Facebook

Related

Leave a comment

Tags: African Development BankDain SherborneKeith WernerTheodor Kirschnertop

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe

Discussion about this post


About

The PML Daily, published via www.pmldaily.com is a publication of Post Media Ltd, a professional Digital/New Media company in Uganda.

Follow us



  • EDITORIAL POLICY
  • ABOUT US

© 2023

No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines

© 2023

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist