AFDB SCOOPS GLOBAL AWARD

THE African Development Bank (AfDB) has scooped the global award for COVID-19 bond issue on the market.

The AfDB was selected in a poll of bond market players as the best issuer in 2020 of a COVID-19 bond for the fight against COVID-19 for the US$3 billion dollar-denominated fight COVID-19 social bond issued on March 27, 2020.

GobalCapital Bond Awards 2020 winners were announced on Wednesday at a ceremony held virtually for the first time in 12 years.

According to details gathered, GlobalCapital is a leading source of information on global capital markets with coverage of all market segments.

The Fight COVID-19 bond, floated on the Luxembourg Stock Exchange and significantly oversubscribed, was the world’s largest social bond at time of issuance.

AfDB 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’s economies.

AfDB Senior Vice President and Chief Finance Officer, Bajabulile Swazi Tshabalala, said the Fight COVID-19 Social Bond which was an important instrument in alleviating the impact of the pandemic on African economies and lives.

Ms Tshabalala said AfDB was grateful for the market’s recognition of the Bank’s effort in responding quickly to the needs of the continent.

“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,” she said.

AfDB Treasurer, Hassatou N’Sele, said the organisation was proud of the success of its landmark.

Mr N’Sele said this transaction, the largest social bond at the time of issuance, reflected investors’ confidence in the Bank’s Social Bond framework, and its capacity to deliver.

“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,” he said.

“The primary debt capital markets’ 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,” GlobalCapital noted in its winners’ announcement release.

Ms Tshabalala