{"id":15260,"date":"2022-03-19T15:52:04","date_gmt":"2022-03-19T15:52:04","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/firstrand-nam-joins-the-green-bond-bandwagon"},"modified":"2022-03-19T19:09:57","modified_gmt":"2022-03-19T19:09:57","slug":"firstrand-nam-joins-the-green-bond-bandwagon","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/firstrand-nam-joins-the-green-bond-bandwagon","title":{"rendered":"FirstRand Nam joins the ‘green’ bond bandwagon"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>FIRSTRAND Namibia yesterday reportedly ran an auction offering green bonds, intending to raise N$350 million.<\/b><\/p>\n

This comes just days after the banking services group announced that it was redeeming some of its earlier issued bonds worth N$400 million. The payment date for these redemptions is set for 29 March. The two bonds \u2013 FBNJ27 (N$300 million) and FBNX27 (N$100 million) were issued in March 2017 and were paying 10,36% and JIBAR plus, respectively.<\/p>\n

It is not clear why the financial group decided to redeem the bonds early, however, Simonis Storm analysts believed it made sense to repay some debt off now and clean up the balance sheet while lending opportunities are rare, and there is plenty of capital.<\/p>\n

The analysts said this made sense to think this way because recently released financials show that the group had excess cash. \u201cFirstRand Namibia Ltd reported interim results on 1 March 2022, revealing their ballooning cash\/equivalents position. Up by 47,1% over the six-month period leading up to 31 December 2021 to N$1,9 billion,\u201d said the analysts.<\/p>\n

It was also evident from the elevated dividends declared of N$1,53 that there was excess cash. The analysts said FNB decided to extinguish its Tier 2 liabilities in full\/upfront, all leading to more cash available.<\/p>\n

\u201cWe think, among other reasons, some likely unbeknown to us, that this is indicative of a lack of lending opportunities and softer macros,\u201d said the analysts.<\/p>\n

Yesterday’s auction, however, flies in the face of these speculations, as the bank-dominated group again wants to raise more loans \u2013 N$50 million short of the N$400 million that will be redeemed at the end of this month.<\/p>\n

According to analysts, the auction was held yesterday morning where \u201cgreen senior secured notes (three- and five-year floating\u201d) were on offer. Shaun Lahner, an analyst with Simonis Storm, said it appears FirstRand wants to start tapping benefits from the green economy, or have debt paying more favourable rates.<\/p>\n

Bank Windhoek, at the moment, is the only firm in Namibia that has issued a green bond, worth N$407 million and paying 5,72%. With this new issue, it is not clear where and how FirstRand would deploy such funds.<\/p>\n

For the six months ended 31 December 2021, FirstRand Namibia made a profit of N$619 million. Gross loans and advances balances were at N$32,5 billion \u2013 of which N$1,8 billion was non-performing.<\/p>\n

Total assets were at N$43,4 billion. Questions sent to FirstRand Namibia yesterday, were not answered at the time of going to print.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. FIRSTRAND Namibia yesterday reportedly ran an auction offering green bonds, intending to raise N$350 million. This comes just days after the banking services group announced that it was redeeming some of its earlier issued bonds worth N$400 million. The payment date for these redemptions is set for 29 March. The two bonds […]<\/p>\n","protected":false},"author":84,"featured_media":15259,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-15260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nFirstRand Nam joins the 'green' bond bandwagon - Namibia<\/title>\n<meta name=\"description\" content=\"FIRSTRAND Namibia yesterday reportedly ran an auction offering green bonds, intending to raise N$350 million. 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