IFC launches Namib Bond on local bourse
The International Finance Corporation (IFC) this week launched the first tranche of the Namib Bond on the Namibian Stock Exchange. This week’s event is the third bond launched by the IFC on the African continent through its Medium Term Note programme, according to its Deputy Treasurer, Georgina Baker.
Expressing her joy at the launch of the bond, she said, “the Namib Bond was 40% oversubscribed. The bond was initially supposed to be launched in August 2014. This launch [however] is the third and final push.
For his part, IJG Holdings Chief Executive Officer Mark Späth was hopeful the launch of the Namib Bond would see many International Finance Corporation peers come to the party and launch similar bonds on the Namibian Stock Exchange.
“We had hoped the Bond would come to the market in February last year. This will make Namibia stand out.”
Chief Executive Officer of the Namibian Stock Exchange, Tiaan Baziun called the Namib Bond a wonderful addition while Amit Mohan, Head of Corporate and Investment Banking at Standard Bank Namibia called the launch of the bond a significant development.
The first tranche of the bond will see Standard Bank Namibia tap into it to finance its transformation which will put 25% ownership in the bank’s holding company in the hands of its employees. Speaking on a different occasion on the significance of the bond, Standard Bank Namibia Managing Director, Vetumbuavi Mungunda said, “between 1400 to 1500 Standard Bank employees in Namibia will benefit from this transaction and own shares in the bank.”