The African Development Bank (AfDB) was selected in a poll of bond market players as the best issuer in 2020 of a COVID-19 bond for its $3bln dollar-denominated Fight COVID-19 social bond issued on March 27, 2020.
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.
“We are grateful for the market’s recognition of the Bank’s 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. 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,” said Ms. Bajabulile Swazi Tshabalala, the Bank’s Senior Vice President and Chief Finance Officer.
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. 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’s economies.
“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.
The bond issue is part of a suite of interventions the Bank has rolled out to strengthen African countries’ 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’s members to shore up their national budget, economies and livelihoods of their citizens.
“The African Development Bank is proud of the success of its landmark “Fight COVID-19 Social Bond”, launched to help alleviate the impact of the pandemic on people’s lives and livelihood. This transaction, the largest social bond at the time of issuance, reflects 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,” said Hassatou N’Sele, Treasurer of the Bank.
The Bank is a recognized pioneer in the social bond sphere. In March 2020, it received the Environmental Finance’s 2020 bond of the year award—SSA category— 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’s first transaction in Norwegian Krone.
In 2018, the Bank was recognized as “Second most impressive social or sustainability bond issuer” 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.
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’s history.
Food Prices In Nigeria Went Up In September – Nigeria Bureau of Statistics
Food prices in Nigeria increased in September according to data from the National Bureau of Statistics (NBS).
NBS made the assertion in a report titled ‘Selected food price watch data’ for the month of September 2020.
The report said the average price of one dozen of eggs medium size increased year-on-year by 5.245% and month-on-month by 0.37% to N480.76 in September 2020 from N478.97 in August 2020.
It stated that the average price of eggs medium size (price of one) increased year-on-year by 3.87 % and month-on-month by 0.28 % to N42.90 in September from N42.78 in August.
The average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 39.07% and month-on-month by 2.87% to N516.13 in September 2020 from N501.71 in August.
Meanwhile, the average price of 1kg of tomato increased year-on-year by 26.12% and decreased month-on-month by -1.01% to N286.92 in September from N289.86 in August.
Similarly, it added, the average price of 1kg of yam tuber increased year-on-year by 29.11% and decreased month on month by -4.08% to N245.62 in September 2020 from N256.06 in August 2020.
Incidentally, as the 24hour curfew across many states in Nigeria last, after the resent spat of violent attacks in some cities it has impacted on current prices. And cause more increase. Now, a piece of egg now sells for N70 to N100 each.
The prices of other food items have increased and could further spiked if movement restrictions are not relaxed very soon.
Tunisia Exports 3,000 Tonnes Of Fruit To Libya In 20 Days
Tunisa exported no fewer than 3,000 tonnes of fruit to Libya in the first 20 days of October, local media reported.
The exports were through the three commercial Sfax, Sousse and Bizerte maritime lines.
The head of the Sales Department of the Inter-Professional Fruit Group (GIFruits), Tarek Tira, said the fruit export process, mainly for pomegranates, resumed its regular pace despite the closure of the road linking Tunisia with the Libyan land border since last September.
He said a cargo-carrying more than 1200 tonnes of fruit, including 700 tonnes of pomegranates, left Sfax port on Thursday to Tripoli.
Adding that another ship carrying nearly 350 tonnes of fruit will also sail for Libya from the same port.
Tira pointed out that the Libyan market is the first in Tunisia in terms of fruit marketing (more than 30%).
Since September, the export of Tunisian agricultural products, essentially fruits, has been experiencing a blockage, following the closure of the border road at Ben Guerdane by demonstrators. This has hindered the passage of Tunisian and Libyan trucks in both directions.
Vice-president of the board of directors of GIFruits Ibrahim Trabelsi expressed regret, considering the importance of the Libyan market. “It absorbs between 30 and 50% of agricultural products,” he said, adding the current situation could collapse the Tunisian fruit industry.
UACN Tops Gainers’ Table As Nigeria’s Bourse Rebounds By N59M
The Nigeria Stock Exchange (NSE), on Thursday, rebounded with a growth of N59 billion in spite of social unrest and curfew in major cities of the country.
Specifically, the market capitalisation which opened at N14.870 trillion rose by N59 billion or 0.40 per cent to close at N14.929 trillion.
Also, the All-Share Index increased by 114.38 points or 0.40 per cent to close at 28,563.87 compared with 28,449.49 achieved on Wednesday.
The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; MTN Nigeria Communications, Stanbic IBTC Holdings, UACN, Lafarge Africa and Dangote Sugar Refinery.
Market sentiment measured by the market breadth was positive with 21 stocks gainers against 12 losers.
UACN drove the gainers’ table in percentage table, growing by 8.33 per cent to close at N7.15 per share.
Union Diagnostic followed with eight per cent to close at 27k, while FCMB Group rose by 7.96 per cent to close at N2.44 per share.
United Capital increased by 6.44 per cent to close at N3.80, while Neimeth appreciated by 5.26 per cent to close at N1.80 per share.
Conversely, Wapic Insurance led the losers’ chart in percentage terms dropping by 9.09 per cent to close at 40k per share.
UACN Property Development trailed with 3.66 per cent to close at 79k, while GlaxoSmithKline shed 3.57 per cent to close at N5.40 per share.
International Breweries dipped 2.95 per cent to close at N6.25, while Fidelity Bank depreciated by 2.50 per cent to close at N1.95 per share.
However, the total volume traded decreased by 4.67 per cent with an exchange of 311.33 million shares worth N4.69 billion traded in 3,375 deals.
This was in contrast with a total of 326.58 million shares valued at N4.22 billion transacted in 4,367 deals on Wednesday.
Transactions in the shares of Guaranty Trust Bank topped the activity chart with 77.84 million shares worth N2.34 billion.
Access Bank followed with 57.66 million shares valued at N442.78 million, while Zenith Bank traded 39.58 million shares worth N813.77 million.
FBN Holdings sold 21.75 million shares valued at N131.58 million, while United Bank for Africa transacted 18.16 million shares worth N122.81 million
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