FNB Namibia issues first Basel III compliant notes
N$500 million
FNB Namibia's Domestic Medium-Term Note Programme presents an additional investment avenue for Namibian and international investors seeking top quartile risk-adjusted returns.
RMB acted as arranger to FNB Namibia for the issuance of N$500 million Tier 2 Capital Notes off its Domestic Medium-Term Note Programme listed on the Namibian Stock Exchange (NSX).
This issuance represents the first Basel III-compliant notes to be placed in the Namibian market, and the successful outcome sets precedence for future issuances.
Total bids to the value of N$725 million were received from 10 investors, resulting in the issuance being 1.5 times oversubscribed.
This is evidence of robust investor sentiment for the credit, RMB said in a statement.
The oversubscribed issuance put pressure on the pricing, ensuring that FNB Namibia received the best possible rates for the notes issued, RMB added.
“This new-to-market solution is further evidence of FNB Namibia’s commitment to deepening the Namibian capital market, connecting smart capital to ambitious enterprise,” said Selma Kapeng, FirstRand Namibia group treasurer.
“With bolstered risk capital, FNB Namibia is well positioned to deliver on its cardinal purpose of building a globally competitive Namibia,” Kapeng added.
RMB
Leading the process end to end, RMB provided advice with regard to the establishment of the underlying terms of the notes, the DMTN Programme, the arrangement, as well as the facilitation and listing of the bonds in the debt capital market.
Relying on its wealth of knowledge and experience in issuing similar notes in the South African debt capital markets, as well as leveraging its local expertise, RMB ensured that the note was structured in line with the relevant Namibian regulations, as well as counting for group regulatory capital.
Specialist solutions
“The award-winning RMB DCM team is well-versed in originating the issuance and syndication of debt across sectors, asset classes, and currencies to ensure clients' capital raising is optimal for their specific business needs,” RMB said.
Working across multiple sectors, asset classes and currencies, the DCM team provides specialist DCM solutions covering legal and regulatory requirements, execution capabilities, trading, sales and research for African borrowers.
According to Kapeng, the Domestic Medium-Term Note Programme presents an additional investment avenue for Namibian and international investors seeking top quartile risk-adjusted returns.
“Our client-centric approach is what guides us to design innovative solutions and originate multiple products to meet our clients’ unique needs,” she said.
This issuance represents the first Basel III-compliant notes to be placed in the Namibian market, and the successful outcome sets precedence for future issuances.
Total bids to the value of N$725 million were received from 10 investors, resulting in the issuance being 1.5 times oversubscribed.
This is evidence of robust investor sentiment for the credit, RMB said in a statement.
The oversubscribed issuance put pressure on the pricing, ensuring that FNB Namibia received the best possible rates for the notes issued, RMB added.
“This new-to-market solution is further evidence of FNB Namibia’s commitment to deepening the Namibian capital market, connecting smart capital to ambitious enterprise,” said Selma Kapeng, FirstRand Namibia group treasurer.
“With bolstered risk capital, FNB Namibia is well positioned to deliver on its cardinal purpose of building a globally competitive Namibia,” Kapeng added.
RMB
Leading the process end to end, RMB provided advice with regard to the establishment of the underlying terms of the notes, the DMTN Programme, the arrangement, as well as the facilitation and listing of the bonds in the debt capital market.
Relying on its wealth of knowledge and experience in issuing similar notes in the South African debt capital markets, as well as leveraging its local expertise, RMB ensured that the note was structured in line with the relevant Namibian regulations, as well as counting for group regulatory capital.
Specialist solutions
“The award-winning RMB DCM team is well-versed in originating the issuance and syndication of debt across sectors, asset classes, and currencies to ensure clients' capital raising is optimal for their specific business needs,” RMB said.
Working across multiple sectors, asset classes and currencies, the DCM team provides specialist DCM solutions covering legal and regulatory requirements, execution capabilities, trading, sales and research for African borrowers.
According to Kapeng, the Domestic Medium-Term Note Programme presents an additional investment avenue for Namibian and international investors seeking top quartile risk-adjusted returns.
“Our client-centric approach is what guides us to design innovative solutions and originate multiple products to meet our clients’ unique needs,” she said.
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