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Absa partners with Bayport for Africa’s first USD corporate social bond

Absa Corporate and Investment Banking was chosen by Bayport Management Ltd as the only African bank to be a joint book runner in the first ever USD social bond to be issued by a corporate in Africa.

The US$260 million Senior Unsecured Social Bond, which is due in 2022, was heavily oversubscribed, reflecting investors’ recognition of the positive social impact of Bayport’s services on the markets in which the group operates. The bond has been listed on the Nasdaq Stockholm Sustainable Bond List. 

Social bonds are instruments whose proceeds exclusively finance or refinance projects that have a wider social impact (as in Bayport’s case), such as affordable housing, job creation through small and medium-sized enterprises financing as well as financial inclusion.

David Rajak, capital markets executive at Bayport Management, and Hamilton Ndlovu, relationship executive for non-banking financial institutions at Absa Corporate and Investment Banking, talk to Nompu Siziba of Moneyweb about this deal in more detail.

Brought to you by Absa Corporate and Investment Banking (CIB).

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