WINDHOEK, Sept. 14 — The Development Bank of Namibia (DBN) has proudly announced the successful full redemption of the DBN23 bond, marking the conclusion of a series of three amortizing fixed-rate bonds issued by the Bank in 2018. The three bonds in question, DBN20A1, DBN20B, and DBN23, were instrumental in raising capital for developmental projects funded by DBN.
DBN20A1, the inaugural bond issued in February 2018, successfully reached its maturity and was repaid in February 2023. Subsequently, DBN20B, issued in March 2018, met its maturity date and was repaid in March 2023. Finally, DBN23, the last of the trio, reached its maturity and was fully redeemed in August 2023.
DBN’s CEO, John Steytler, expressed his satisfaction with the Bank’s prudent financial management and governance. He emphasized the significance of successful bond repayments, highlighting how they instil confidence in investors by reflecting DBN’s robust financial health and effective management.
In total, DBN has issued five bonds since listing its medium-term note program on the Namibian Stock Exchange (NSX) in July 2017. This initiative aligns with the Bank’s twin mandate of developing sustainable investment methods and enabling the private sector’s involvement in funding Namibia’s development projects. Steytler also emphasized the constructive impact of the funds raised through these bonds in supporting various developmental projects, crucial for Namibia’s growth and prosperity.
Furthermore, following the launch of the Bank’s inaugural Sustainable Finance Framework in April 2023, DBN is actively progressing towards the issuance of its inaugural sustainability bond under this framework.
DBN’s creditworthiness is validated by its rating from Fitch Ratings, with a foreign currency long-term issuer default rating (IDR) of ‘BB-‘ with a Stable Outlook and a national long-term IDR of ‘AA+’ (zaf)’ with a Stable Outlook.