ADB Issues Bonds In Azerbaijani Currency Anew
Date
11/28/2023 2:33:11 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 28. The Asian
Development bank (ADB) raised nearly 14.5 million manat (about $8.5
million) in its second bond issue, Trend reports via ADB.
This is ADB's fifth gender bond issued this year in a developing
member country's local currency, illustrating ADB's effort to
attract impact investors to its borrowing program.
"The issue is structured as a three-year currency-linked bond
with a sinking fund to mirror the amortization terms of an
underlying gender loan that seeks to increase credit availability
for women and agricultural workers bond is denominated in
Azerbaijan manats but settled in US dollars, making it simpler to
attract international investors", the bank notes.
The bond, which is traded on the Luxembourg Stock Exchange, pays
a semi-annual coupon of 6.25 percent per year. Goldman Sachs
International organized the bond, which was purchased by two
European institutional investors, Record Currency Management and
Capitulum Asset Management.
Capitulum's Senior Portfolio Manager Theodor Kirschner commented
on the acquisition, saying that it enables the company achieve its
goal of acquiring access to local returns in Azerbaijan through the
sustainable use of funds by a transparent transnational issuer.
Note that ADB issued gender and green bonds in Georgian lari,
gender and health bonds in Mongolian togrog, gender and green bonds
in Kazakh tenge, and non-thematic bonds in Azeri manat, Chinese
yuan, Georgian lari, and Kazakh tenge in 2023 to support local
currency operations.
ADB seeks to promote prosperity, inclusion, sustainability, and
stability in Asia and the Pacific while supporting efforts to
eradicate extreme poverty.
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