Standard Bank structures East Africa’s first ever green bond

Standard Bank, Africa’s largest bank by assets, has
played a key role in bringing the first ever green bond to East Africa.

Issued by Nairobi-based property developer Acorn
Group, the bond will raise KES4.262 billion in project finance over five years
for environmentally-friendly student accommodation in Nairobi.

Acorn is an established property developer in Kenya
and has put its weight behind iconic buildings across the region, including the
Coca-Cola and Deloitte regional head offices in Nairobi.

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Standard Bank Group, via Stanbic Bank Kenya Limited and
SBG Securities Limited, acted as lead arranger and placing agent on the bond,
which was opened to investors in August this year.

“The deal holds significance as it is the first
time a restricted public corporate bond offer has been approved by
the Capital Markets Authority in Kenya,” says Kwasi Kwarteng, Head DCM Africa
at Standard Bank Group. “It is also the first corporate bond to be rated by
Moody’s Investor Service in East Africa and is sitting at B1 Global (one notch
above the Kenyan sovereign).”

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Standard Bank has previously been involved in
arranging green bonds across geographies including the City of Johannesburg’s
debut green bond, as well as Nigeria’s maiden sovereign green bond.

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“What we are seeing is an increasing appetite for sustainable
debt products within Africa.,” says Nigel Beck, Head of …read more

Source:: MediaCraft