THE Development Bank of Namibia (DBN) at the beginning of this month redeemed its first bond, which had a balance of N$291 million.
The DBN20 was the first bond issued under the bank's N$2,5 billion medium-term note programme, and was listed on the Namibian Stock Exchange (NSX).
In a statement issued by the DBN yesterday, the bank said the bond matured on 4 September 2020, adding that the settlement of the bond went smoothly.
At maturity the bond had 38 bondholders of which 37 are Namibian entities and one is foreign. The bond was issued in September 2017, for which the bank formally approached Namibian capital markets to raise funding.
The bank was formed to provide finance for viable enterprises and sustainable initiatives that contribute to the development of Namibia.
Its loan facilities assist businesses to start or expand their existing business operations such as franchise finance, contract-based financing as well as providing working capital for enterprises, amongst other things.
DBN has also issued another three bonds (DBN20A1, DBN20B and DBN23), which raised a total of N$500 million for lending to financially viable, environmental, and socially acceptable projects with developmental impact.
“DBN20A1, DBN20B and DBN23 are the first and only amortising bonds issued and listed on the NSX. This demonstrates the Bank's ability to honour its debt obligations as they become due, having successfully honoured the capital repayments on these amortising bonds to date,” the statement read.
The development bank is the fourth largest issuer on the NSX apart from the government, and the largest issuer in the state-owned-enterprises category.
Email: charmaine@namibian.com.na
No comments :
Post a Comment