Connect with us

News

IFC Issues $1.5B Social Bond to Support Low Income Communities in Emerging Markets

Published

on

Kindly share this post

IFC issued a three-year social bond, raising $1.5 billion to support low-income communities in emerging markets. The transaction represents IFC’s largest ever social bond, with its largest ever order book. It is also the largest US dollar social bond issued by a supranational this year.

This is IFC’s first US dollar denominated social bond benchmark in 2023, complementing the organization’s Canadian dollar and Australian dollar social bond benchmarks issued earlier this year.

“We are seeing tremendous demand from investors for our social bonds. With order books of over $6 billion, and robust interest from quality investors, this issuance was no exception,” said Tom Ceusters, Director, Treasury Market Operations at IFC. “The bond will unlock additional funding support for marginalized and vulnerable communities in developing countries across the globe.”

BNP Paribas, TD Securities and Wells Fargo acted as joint lead managers for the transaction.

“BNP Paribas is pleased to bring IFC back to the US dollar benchmark market with its largest ever social bond which gathered an unprecedented volume of demand for the issuer.

“The transaction illustrates the prominent role that IFC plays not only in financing social projects but also in shaping and further developing this market for others to follow on solid footsteps,” said Nathaniel Timbrell-Whittle, Global Head of SSA Syndicate, BNP Paribas.

“Congratulations to the entire IFC team on an exceptional outcome on today’s US dollar benchmark transaction! Gathering one of the largest ever US dollar orderbooks for IFC, at this point in the calendar year, this is clear evidence of IFC’s strong and established standing in the SSA community. TD is delighted to be a joint lead manager on this transaction,” said Laura O’Connor, Managing Director, Head of UK DCM, TD Securities.

“Congratulations to the IFC team! No better way to close the calendar year, than with a truly phenomenal US dollar ‘social bond’ benchmark. Transaction garnered an impressive $6.7 billion orderbook with high quality orders across all regions allowing IFC to tighten guidance by 2bps to MS+33bps, equivalent to +8.2bps over the three-year US Treasury, the tightest UST spread in record this year for any SSA transaction in this tenor.

“Also, solid participation from official money and social-specific investors. IFC has definitively showed the market what they are made of,” said Carlos Perezgrovas, Head of SSA Origination, Wells Fargo Securities.

The proceeds of the bond will be allocated to a designated sub-portfolio linked to lending operations for social bond eligible projects.

IFC’s Social Bond Program, launched in 2017, offers bond investors an opportunity to allocate investments to the achievement of certain SDGs and achieve positive social outcomes without any additional credit risk than that of IFC as a triple-A rated issuer.

Proceeds from the bonds fund a diverse range of social projects which include: affordable basic infrastructure (e.g. clean drinking water, sewers, sanitation, transport, energy); access to essential services (e.g. education and vocational training, healthcare, financing and financial services); affordable housing; women-owned medium small and medium sized businesses who lack access to finance; and companies that incorporate people at the “base of the economic pyramid” into their value chain; as well as food security.

IFC is a frequent issuer of social bonds in public and private markets, in various currencies and tenors. The Social Bond Program aligns with the Social Bond Principles published by the International Capital Market Association (ICMA).

Since launching its Social Bond Program in 2017, IFC has issued over $8 billion through 92 social bonds and taps in 14 currencies.

 


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

News

Adeleke Describes Adenuga’s Contribution to African Economy as Unquantifiable

Published

on

Kindly share this post

Senator Ademola Adeleke, the Osun State Governor, has described the Chairman of Globacom, Dr. Mike Adenuga, Jr., as an icon who has made enormous contributions to the development of Nigeria and Africa.

Speaking when he received the Public Sector team from Globacom in his office at Osogbo recently, the governor also commended the positive impact the company has made in the telecoms industry in terms of innovation and pricing.

He described Dr Adenuga as a great believer in Nigeria “whose impact on the Nigerian and the African economy cannot be quantified”.

Adeleke assured the Globacom team led by Niyi Odejobi of his government’s readiness to explore areas of business partnership with the company. “Be rest assured that this partnership is already a reality. We just need to work out the details”, Senator Adeleke noted.

He urged telecommunications companies to strengthen ties with the state government, adding that “the subnational entities are where your market is. Even though the regulatory body is national, your market base remains the states and the local governments. You must deliberately prioritize partnership with the state government.

“The telecom community must understand that giving full support to the states in terms of payment of right taxes and corporate social responsibility is an investment in your market. The more robust the state governments are, the more buoyant your market will be,” the governor said.

In his own remarks, Odejobi pledged Globacom’s support for the growth and development of Osun State, adding that it would deploy various internet and digital infrastructure to promote governance and businesses in the state.


Kindly share this post
Continue Reading

News

Foodstuff Store introduces Innovative Recycling Program

Published

on

Kindly share this post

Foodstuff Store, an AgriTech company on Wednesday announced the introduction of its innovative recycling program. The expansion of the corporate mission to include waste management and recycling solutions underlines the company’s commitment to sustainability and environmental responsibility.

Foodstuff Store is providing a way by which their customers who are provided with wholesome and fresh food products directly from farmers can now dispose of their plastic wastes as an added service, thereby reducing their ecological footprint.

For every waste item delivered for recycling by customers, they’ll receive a credit that can be used for a next purchase at the Foodstuff Store.

Not only will this ensure a contribution to a cleaner environment, but it will also provide a way to incentivise their efforts towards adopting sustainability practices.

“We are thrilled to offer our customers a convenient way to recycle and contribute to a cleaner Nigeria and a cleaner planet,” says Diana Tenabe, Chief Operating Officer at Foodstuff Store. “By offering rewards for recycling, we hope to incentivize eco-conscious behavior within our communities in Nigeria.”

Nigeria faces a significant challenge with plastic pollution. The prevalence of single-use plastics, which is caused by widespread use of sachet water pouches, plastic shopping bags, and take-away containers, leads to massive waste generation. There are also recycling capacity challenges in Nigeria, where only a small percentage of plastic waste gets recycled.

Additionally, indiscriminate disposal of plastics and other waste materials contributes to overflowing landfills with plastics, clogged drainages that lead to flooding, and harming marine life.

Foodstuff Store believes that by working together with its customers, it can create a positive impact on the environment. This new program allows customers to enjoy the quality products and services they expect from Foodstuff Store, while also contributing to a more sustainable future.


Kindly share this post
Continue Reading

News

Edenlife Opens the first Homemade Outlet Store in Oniru, to open 49 more Across the Country 

Published

on

Kindly share this post

Homemade by Eden, the food retail business of Nigerian home concierge startup, Edenlife has marked a significant step towards National expansion with the launch of its first Outlet store in Oniru, Lagos State. This move signals the company’s commitment to bringing its signature homemade meals directly to consumers across the country.

Commenting on the launch of the Oniru Outlet, Nadayar Enegesi, CEO of Edenliife stated, ‘’At Eden Life, it’s in our DNA to adapt and meet the evolving needs of our consumers.

The new outlet store by Homemade exemplifies this commitment. These outlet stores will deliver delicious, home-cooked meals to its customers and create job opportunities in logistics and tech support, driving local economic growth.

By sourcing fresh ingredients from smaller Nigerian farms, we strengthen the agricultural sector and ensure a reliable supply chain. And there’s more to come we have plans to launch mobile kitchens in other strategic locations across the nation.

It’s a win-win situation – our customers enjoy a taste of home, we create jobs, empower local businesses, and contribute to a stronger Nigerian economy.’’

The establishment of these outlet stores translates to new job opportunities in logistics and potentially tech support for the mobile units. Additionally, the focus on fresh, local ingredients could encourage partnerships with smaller Nigerian farms, strengthening the agricultural sector and supporting local food production.

This localized approach to food delivery keeps money circulating within communities and fosters a more sustainable economic ecosystem.

Speaking at the launch event on Friday, May 10, 2024, Orafiri Adoki, Business Lead of Homemade stated that some of Nigeria’s food culture has not been fully explored.

She stated, “Nigeria has such a rich culture around food, which has not been explored to its maximum. So, with the launch of the Homemade outlet, we hope to introduce some of the meals Nigerians are used to at home while providing creative and innovative ways to enjoy these meals,” .

As Nigeria’s e-commerce sector continues to evolve, Eden Life’s innovative approach positions the company as a frontrunner in driving industry growth and reshaping consumer expectations. By providing a seamless omnichannel shopping experience, Edenliife not only captures market share but also cultivates meaningful connections with Nigerian consumers.

Nigeria’s e-commerce industry has been experiencing a boom in recent years, driven by factors like increasing internet penetration, smartphone adoption, and a growing young population. The e-commerce market in Nigeria is estimated to be around USD 8.53 billion in 2024.

It is expected to grow at a compound annual growth rate (CAGR) of 11.82% during the forecast period (2024-2029), reaching approximately USD 14.92 billion by 2029. E-commerce is expected to continue its strong growth trajectory in Nigeria, presenting immense potential for e-commerce platforms like Edenlife to capitalize on the rising demand for convenient and affordable food options.


Kindly share this post
Continue Reading

Trending