Business News
COVID-19: AfDB lists largest social bond on London Stock Exchange
The African Development Bank (AfDB) has launched the largest social bond to be issued in the capital market.
The African Development Bank (AfDB) has launched and listed the largest social bond on the London Stock Exchange. The bond, which is tagged “Fight COVID-19’’, is now available through its sustainable Bond Market.
The transaction, which is the first bond of the financial institution on the London Stock Exchange, was oversubscribed and attracted $4.6 billion of interest in the book.
The social bond, which raised an exceptional $3 billion, was launched to reduce the impact of COVID-19 on Africa’s economies and livelihoods.
With a 3-year maturity period, the bond attracted interest from various central banks and official institutions, bank treasuries and asset managers.
It also attracted Environment, Social and Governance (ESG) investors like Affirmative Investment Management (UK), Breckinridge, Columbia Threadneedle (USA), the Government Pension Investment Fund, and the International Fund for Agricultural Development, Pension Boards.
Others are United Church of Christ, PineBridge Investments, Praxis Impact Bond Fund, TIAA/Nuveen and the United Nations Development Program.
[READ MORE: AfDB wins industry gong for pioneering 2019 social bond issue)
The International Development Secretary, Anne-Marie Trevelyan said, “The international community must work together to successfully tackle the coronavirus pandemic.
“The UK, along with partners like the African Development Bank and London Stock Exchange Group, is supporting the most vulnerable countries to invest in their own health systems and avoid economic hardship.
Swazi Tshabalala, Acting Senior Vice President AfDB. Photo Credit: CNBC Africa
While we invest in areas like vaccine research to help end the pandemic sooner, this private investment through the AfDB, and our support for emergency lending through the IMF, will also help limit its impact on the global economy”.
The London Stock Exchange announced that admission fees would be waived for an initial period of 3 months for such social and sustainability bonds fund essential services such as healthcare, water and sanitation, supporting employment, or with a link to the relevant UN Sustainable Development Goals.
The CEO, London Stock Exchange, Nikhil Rathi, said: “We welcome the first bond from African Development Bank to list on our market and support them in their vital efforts to mitigate the impact of COVID-19 across Africa.
“This bond highlights the important role that social and sustainability bonds can play in directing funding to those countries, sectors and people across the world heavily impacted by this pandemic.”
The AfDB President, Akinwumi Adesina, said: “We are proud to announce that our first listing on the London Stock Exchange is a social bond. This is only the beginning of a stronger partnership between the African Development Bank and the London Stock Exchange. We will mobilize all we can on the capital market to fight the coronavirus in Africa.”
Swazi Tshabalala, Acting Senior Vice President, African Development Bank Group, also said: “The African Development Bank is at the forefront of helping African countries fight this pandemic with innovative financing solutions. We welcome this partnership with London Stock Exchange which will help us expand the horizon of investors that are interested and committed to Africa’s sustainable development.”
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Corporate Press Releases
Transcorp Hotels launches Aura, an online marketplace for accommodation and experiences
Nigeria’s largest hospitality brand launches a new platform for booking vacation homes, holiday lets, and experiences.
Africa’s leading hospitality brand Transcorp Hotels Plc. has announced the launch of Aura, a new digital platform through which people can book accommodation, restaurants, and experiences.
The new brand, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.
“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc., Dupe Olusola said.
“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.
The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.
Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”
“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.
Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”
Working with thousands of partners across Nigeria and different cities in Africa, Transcorp Hotels Plc. is building the continent’s largest platform for people-driven hospitality. While travellers enjoy the right selections at the best prices on Aura, hosts can also earn a lot of money by receiving guests in their unoccupied homes and sharing the local culture with them.
For travellers who would rather stay in hotels, Aura also has a great selection of some of the best hotels in every city.
With the launch of Aura, Transcorp Hotels Plc. has further cemented its leadership in the hospitality industry and reinforced its commitment to innovation and superior guest experience across different demographics.
Guests and hosts can sign up at aura.transcorphotels.com to start booking or hosting. The service is currently available in Nigeria only, but the company said plans are already in place to expand to major cities in Africa.
Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.
Aura by Transcorp
Aura is Africa’s best platform for connecting travellers with great accommodation, good food, and memorable experiences. The platform is also an avenue for people with unoccupied homes, hotels, restaurants, or different skill sets that may interest others can earn an income by becoming hosts.
