Nedbank CIB awarded Energy Deal of the Year at the African Banker Awards 2020
The JSE-listed Nedbank Green Bond was marked the first issuance of this type of sustainable fundraising instrument
Nedbank CIB has once again been recognised for excellence by its peers and the broader African financial services industry, garnering two nominations for Deal of the Year Awards at the 2020 African Banker Awards.
At the virtual edition of the prestigious African awards ceremony, hosted online on August 26, CIB’s successful Nedbank Green Renewable Energy Bond issuance was awarded Energy Deal of the Year in a category of strong contenders due to its impactful and innovative nature.
The Nedbank Green Bond was listed on the green segment of the JSE on April 30 2019 and marked the first issuance of this type of sustainable fundraising instrument in the local market by a SA bank.
According to Arvana Singh and Bruce Stewart from Nedbank CIB, the bond was well received: the auction process on April 24, which targeted R1.5bn in funding, ultimately attracted local and international bids of R5.4bn. Due to the overwhelming response Nedbank upsized the issuance to R1.7bn and issued across three, five- and seven-year tenors.
The funds raised from the bonds are being used to construct renewable energy projects across Southern Africa, thereby contributing to positive environmental impact and building Africa’s green economy. The African Banker Awards thanked Nedbank “for contributing sustainably to the Africa we want”.
CIB’s involvement in the successful conclusion of the AFC Kimchi Syndication transaction also saw it nominated for Deal of the Year in the Debt Finance award category. The inaugural $140m Kimchi Syndicated term loan for Africa Finance Corporation (AFC) was the first Korean-focused loan facility for an African borrower, the proceeds of which will be used for general AFC corporate purposes bolstering the institution’s capacity to diversify its funding sources in support of sustainable African infrastructure development.
“Close collaboration between our teams, businesses and clients has always been the foundation of the Nedbank CIB approach, and the recognition we have received through these nominations from the prestigious African Banker Awards reinforces the value of our commitment to leverage our financial expertise and partner with our clients to deliver social and economic development benefits for all in Africa,” says Singh.
The African Banker Awards ceremony is the largest annual recognition event for banks in Africa. It celebrates institutions and leaders helping to shape the continent’s financial services industry to ensure a more sustainable future for banks and their clients.
This article was paid for by Nedbank CIB.
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