Posted by The African Development Bank has recently been honored with multiple accolades in the 2022 Achievement Awards organized by EMEA Finance. The awards ceremony took place on Thursday, June 8, 2023, in London.
The EMEA Finance Achievement Awards, an event highlighting innovative work in the capital markets of Europe, Middle East, and Africa, feature nominations from banks and their clients. The editorial team at EMEA Finance selects the winners based on outstanding transactions and the firms involved, covering various markets such as debt and equity capital markets, loans, Islamic finance, and structured finance.
In the Debt Capital Markets category, the African Development Bank was recognized as the Best supranational borrower in 2022. This award acknowledges the exceptional performance of the bank throughout the year. By December 2022, the bank had successfully raised a total of USD 8.9 billion from financial markets, which constituted 94% of the approved USD 10 billion borrowing program for that year.
Christopher Moore, the publisher and CEO of EMEA Finance magazine, commended the AfDB’s treasury team, stating that they achieved remarkable results in 2022. Not only did they meet the bank’s funding goals, but they also completed a diverse range of currency borrowings, while expanding the bank’s investor base. As a result, the bank received five awards in EMEA Finance’s Achievement Awards 2022, including recognition for their €1.25 billion 7-year social issuance.
Throughout 2022, the African Development Bank executed four global benchmarks, consisting of two EUR benchmarks and two USD benchmarks, which garnered significant investor interest worldwide. These transactions contributed to the bank’s investor base expansion and diversification. Additionally, a 3-year GBP 600 million global benchmark was issued in the British pound market. In the Environmental, Social, and Governance (ESG) space, the bank issued 2 green bonds, 2 social bonds, and 27 theme bonds aligned with its strategic operational priorities, known as the “High 5s”: “Light up and Power Africa,” “Feed Africa,” “Industrialize Africa,” “Integrate Africa,” and “Improve the Quality of Life for the People of Africa.”
The African Development Bank also received recognition in several other categories:
- Best supranational bond: Awarded for the African Development Bank’s EUR 1.25 billion 5-year Global Benchmark maturing in March 2027.
- Best social bond: Recognizing the African Development Bank’s EUR 1.25 billion 7-year Social Bond Benchmark due in September 2029. This issuance marked the bank’s second EUR Global Benchmark in 2022, following a EUR 1 billion 5-year benchmark released in March. The new bond established a liquid and on-the-run reference point in the bank’s 7-year EUR curve, which had not been visited since 2017.
- Best kangaroo bond: Presented to the African Development Bank for its AUD 155 million 10.5-year Kangaroo Social Bond maturing in October 2032. This achievement marked the bank’s fifth currency for issuing social bonds since the establishment of its Social Bond Program in 2017. The success of this AUD transaction reflects the bank’s robust social bond framework and high-quality impact reporting.
- Best Swedish krone bond: Awarded for the African Development Bank’s SEK 1.5 billion 5-year Green Bond maturing in February 2027. This issuance represents the bank’s seventh green bond in the Swedish krona market since the establishment of its Green Bond Framework in 2013.
By issuing green bonds, the African Development Bank is actively promoting sustainable economic development and social progress in Africa. It capitalizes on its extensive experience in financing projects related to climate change adaptation and mitigation.