The Development Bank of Namibia (DBN) has successfully redeemed the DBN23 bond, the last of three amortizing fixed-rated bonds issued by the Bank in 2018, raising N$290 million.
DBN20A1, the first of the three, was issued in February 2018, raising N$140 million, while DBN20B was issued in March 2018, raising N$70 million.
DBN20A1 was repaid in February 2023, DBN20B was repaid in March 2023, and DBN23 was repaid in August 2023, with the proceeds of the three bonds being utilized for on-lending to several developmental projects funded by DBN.
“It is always a significant milestone when bonds are successfully repaid. This inspires confidence in investors as a positive reflection of the financial health and good management of DBN,” said DBN CEO John Steytler.
In total, DBN has issued five bonds, including DBN23, since listing its medium-term note program on the Namibian Stock Exchange (NSX) in July 2017.
The DBN program falls within the twin mandate elements of the Bank: to develop new, sustainable methods of investment and to enable the private sector to participate in funding development in Namibia.
“It’s also worth noting that the funds raised from these bonds have been put to good use in supporting various developmental projects, which is essential for the growth and prosperity of Namibia,”Steytler said.
Since the launch of the Bank’s inaugural Sustainable Finance Framework in April 2023, DBN is currently advanced in the arrangement of a debut sustainability bond under the framework.
