Nedbank CIB wins Energy Deal of the Year award.
CIB won the 2020 Energy Deal of the Year award. image credit: 123rf.

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.

A company statement highlighted that CIB’s highly successful Nedbank Green Renewable Energy Bond issuance was awarded Energy Deal of the Year amidst 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 30 April 2019 and marked the first issuance of this type of sustainable fundraising instrument in the local market by a South African bank.

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

Due to the overwhelming response Nedbank upsized 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 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”.

Nedbank CIB approach

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 company stated.

The inaugural $140 million ‘Kimchi’ Syndicated term loan for Africa Finance Corporation (AFC) was the first-ever 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.

Singh says that 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,” she explains, “and 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.”

The African Banker Awards ceremony is the largest annual recognition event for banks in Africa.