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Nedbank wins Deal of the Year for its green renewable energy bond

Nedbank’s Corporate and Investment Banking (CIB) division has again been recognised by its peers and the broader African financial services industry for its excellence.


CIB had garnered two nominations for Deal of the Year Awards at the 2020 African Banker Awards, which was hosted virtually on August 26.


The African Banker Awards ceremony is the largest annual recognition event for banks in Africa, celebrating those institutions and leaders that contribute to the transformation and development of Africa’s financial sector.


CIB’s highly successful Nedbank Green Renewable Energy Bond issuance was awarded Energy Deal of the Year, owing to its impactful and innovative nature.


The Nedbank Green Bond was listed on the green segment of the JSE in April last year and marked the first issuance of this type of sustainable fundraising instrument in the local market by a South African bank.


According to Arvana Singh and Bruce Stewart from Nedbank CIB, the bond was exceptionally well received, as evidenced by the fact that an auction process on April 24, which targeted R1.5-billion in funding, ultimately attracted local and international bids of R5.4-billion.


Due to the overwhelming response, Nedbank had to upsize the issuance to R 1.7-billion and issued across three-, five- and seven-year tenors.


The funds raised from the bonds are being used to build renewable energy projects across Southern Africa, thereby contributing to positive environmental impact and building Africa’s green economy.


CIB’s involvement in the successful conclusion of the African Finance Corporation’s (AFC’s) Kimchi Syndication transaction also saw it nominated for Deal of the Year in the debt finance award category.


The inaugural $140-million Kimchi Syndicated term loan was the first-ever Korea-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.


Singh says the success of both transactions, and especially the receipt of the Energy Deal of the Year award, are evidence of the value delivered by CIB’s highly collaborative, cross-business approach.


“Close collaboration between our teams, businesses and clients has always been the foundation of the Nedbank CIB approach.


“The recognition we have received through these nominations from the prestigious African Banker Awards, serves to reinforce 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,” she concludes.


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