Bonds, Loans & ESG Capital Markets Africa AWARDS 2023
15th March 2023
Zeitz MOCAA, Cape Town
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2023
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AWARDS CATEGORIES
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BONDS, LOANS & ESG CAPITAL MARKETS AFRICA AWARDS 2023

15TH MARCH | ZEITZ MOCAA, CAPE TOWN

"Recognising the most innovative & ground-breaking deals from Africa"

Join the industry's most high-profile figures in celebrating whilst experiencing cutting-edge art from Africa and its diaspora on the 15th March at the stunning Zeitz MOCAA - Museum of Contemporary Art Africa in Cape Town!

Since 2014, the Bonds & Loans Awards has been recognising the most innovative and ground-breaking deals from Sovereign, Corporate and Financial Institution issuers and borrowers.

The exhaustive selection process involves close examination of deal size, tenor, structure, and distribution; analysis and background of the borrower and their accessibility to financing; with extra credit for those deals demonstrating high quality execution, accessing new pools of liquidity, innovative structuring, and opening-up new markets.

Bringing together the industry’s most high-profile figures, the Bonds, Loans & ESG Capital Markets Africa AWARDS ceremony is an opportunity to raise the profile of the financial markets with the international investment community, and to inspire future issuance by African companies.

ENQUIRIES: email Awards@GFCMediaGroup.com

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VIEW THE CUTTING-EDGE 2023 AWARDS CEREMONY VENUE:

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2023 AWARD WINNERS:

Sovereign Bond Deal of the Year

  • The Republic of South Africa
  • USD 3bn SEC Registered Global Senior Unsecured Bond (5.875%, 7.3%)
  • Issued: April 2022; Matures: April 2023 and April 2052
  • Bookrunners/JLMs: Absa, Deutsche Bank, HSBC, Nedbank, RMB
  • Legal Adviser to the Issuer: White & Case
  • Legal Adviser to the JLMs: Allen & Overy

Sovereign Liability Management Deal of the Year

  • Ministry of Finance, Republic of Angola
  • USD 1.75bn 144a/RegS Senior Unsecured Bond (8.75%) and Tender Offer
  • Issued: April 2022; Matures: April 2032
  • Bookrunners/JLMs: Citi, Deutsche Bank
  • Legal Adviser to the Issuer: Norton Rose
  • Legal Advisers to the JLMs: White & Case, AVM

Project Bond Deal of the Year

  • Benban Scatec ASA
  • USD 334.5m Fixed and Floating Rate Dual-Tranche RegS Green Project Bond
  • Issued: May 2022; Matures: May 2041
  • Lead Arranger: MUFG
  • PRI Provider: MIGA
  • Investor/Lenders: EBRD, DFC, FMO, DEG
  • Legal Adviser to the JLMs: Clifford Chance, Zulficar & Partners

Agency Bond Deal of the Year

  • Bank of Industry
  • EUR 750m 144a/ RegS Senior Unsecured Guaranteed Participation Notes (including EUR 700m Initial Issue and EUR 50m Tap)
  • Issued: February 2022; Matures February 2027
  • Global Coordinators and Bookrunners: Standard Chartered Bank, Africa Finance Corporation
  • Bookrunners: Mashreq, SMBC, Afreximbank, Citi, RMB
  • Legal Advisers to the Issuer: White & Case, Banwo & Ighodalo
  • Legal Advisers to the JLMs: Allen & Overy, Olaniwun Ayaji

Local Currency Corporate Bond Deal of the Year

  • Dangote Industries Limited
  • NGN 187.58bn Dual-Tranche Senior Unsecured Bond
  • Issued: July 2022; Matures: July 2029 and July 2032
  • JLMs/ Bookrunners: Absa, Afrinvest Capital, Coronation Merchant Bank, Ecobank, FBN Quest Merchant Bank, FCMB Capital Markets, Futureview, Merchant Bank, Meristem Capital, Quantum Zenith Capital & Investments, RMB, Standard Bank, Standard Chartered, United Capital, Vetiva Capital Management
  • Legal Adviser to the Issuer: Banwo & Ighodalo
  • Legal Adviser to the JLM/Bookrunner: Olaniwun Ajayi

Corporate Bond Deal of the Year

  • Axian Telecom
  • USD 420m 144a/RegS Senior Unsecured Bond
  • Issued: February 2022; Matures: February 2027
  • Global Coordinators and Bookrunners: JPMorgan, Standard Bank, Société Générale
  • Legal Advisers to the Issuer: Latham & Watkins
  • Legal Advisers to the JLMs: White & Case

Corporate Liability Management Deal of the Year

  • Petra Diamonds
  • USD 146m Senior Unsecured Bond for the Cash Tender Offer of USD 336.7m PIK Notes due in 2026
  • Tender Offer: September and October 2022
  • Dealer Manager, Bookrunners and Sole 1st Lien Lender: Absa
  • Bookrunners: BofA Securities
  • Legal Adviser to the Issuer: Ashurst
  • Legal Advisers to the JLMs: Latham & Watkins

Local Currency Sovereign, Supra & Agency Bond Deal of the Year

  • Development Bank of Southern Africa (DBSA)
  • ZAR 3bn Senior Unsecured Green Bond Private Placement
  • Issued: October 2021; Matures: October 2024
  • Sole Arranger: Standard Chartered
  • Legal Advisers to the Issuer: Norton Rose
  • Legal Advisers to the Arranger: Baker McKenzie
  • Legal Adviser to the Investor: Allen & Overy

Oil & Gas Deal of the Year

  • Sonangol EP
  • USD 1.3bn Senior Secured Loan
  • Issued: September 2022; Matures: September 2027
  • Global Coordinators and Bookrunners: Standard Chartered, Société Générale, Afreximbank
  • IMLA & Bookrunners: Standard Bank
  • Senior MLA: Africa Finance Corporation & ABSA
  • Bookrunners: Afreximbank, Standard Bank, Standard Chartered Bank, Société Générale
  • Legal Adviser to the MLAs: Dentons

  • Borrower’s Legal Counsel: Norton Rose Fulbright

Syndicated Loan Deal of the Year

  • Aspen Pharmacare Holdings Limited
  • EUR 1.26bn Six-Tranche (EUR, ZAR, AUD, Revolving Credit Facility and Term Loan tranches) Senior Unsecured Syndicated Loan
  • Issued: August 2022; Matures: November 2025 and November 2026
  • MLAs/Bookrunners: Citi, MUFG, RMB, Nedbank
  • Legal Advisers to the Borrower: Eversheds Sutherland
  • Legal Advisers to the JLMs: White & Case

Local Currency Loan Deal of the Year

  • Ohlthaver and List Beverages Company (part of O&L Group)
  • NAD 1bn Senior Secured Dual-Tranche (NAD 770m preference Shares Funding and ZAR 230m Term Loan) Bilateral Loan
  • Issued: May 2022 Matures: April 2027 (Preference Shares) and April 2024 (RCF)
  • Lenders: Standard Bank
  • Legal Advisers to the Borrower: Engling, Stritter and Partners
  • Legal Advisers to the Lenders: ENSafrica

Structured Loan Deal of the Year

  • GRIT Real Estate Income Group
  • USD 306m Senior Secured Multi-Currency (USD, EUR), Multi-Jurisdictional Cross-Collateralised Syndicated Loan
  • Issued: December 2022; Matures: June 2027
  • Sole MLA, Arranger, Coordinator and Bookrunner: Standard Bank
  • Lenders: Absa, Nedbank
  • Legal Adviser to the Borrower: Stephenson Harwood
  • Legal Advisers to the JLMs/Bookrunners: ENSafrica

Project Loan Deal of the Year

  • Canal Sugar Company
  • USD 750m Multi-Tranche and Multi-Currency (EGP, USD, EUR) Syndicated Loan
  • Issued: December 2021; Matures: Up to 12 years from Financial Close
  • MLAs: Afreximbank, Banque du Caire, National Bank of Egypt, Qatar National Bank
  • Legal Adviser to the Borrower: Norton Rose Fulbright, Zulficar & Partners
  • Legal Adviser to the MLAs: Baker McKenzie

ESG Bond Deal of the Year

  • Barloworld Limited
  • ZAR 1.143bn Senior Unsecured Gender-Linked Bond
  • Issued: August 2022; Matures: August 2025 and August 2027
  • Sole Lead Arranger, Bookrunner and ESG Adviser: Rand Merchant Bank
  • Legal Adviser to the Issuer: Bowmans

Export Finance Deal of the Year

  • Ministry of Finance, Republic of Angola (Project Gleam)
  • EUR 1.29bn Dual-Tranche (EUR 1.2bn Euler Hermes-supported Secured Term Loan Facility and EUR 92m Commercial Term Loan Facility) Loan to support the Angola Rural Electrification Project providing for electrification of 60 sites in rural Angola
  • Issued: November 2022; Matures: November 2043 and November 2027
  • IMLAs/Bookrunner and Green Coordinator: Standard Chartered
  • MLAs: Afreximbank
  • ECA Lender: Euler Hermes
  • Legal Advisers to the Obligor: Norton Rose Fulbright
  • Legal Adviser to the MLAs: Baker McKenzie

Renewable Energy Finance Deal of the Year

  • Scatec ASA
  • ZAR 16.4bn Senior Secured Project Finance Facility plus ZAR 3.2bn Ancillary Facilities
  • Issued: July 2022; Matures: July 2040
  • MLAs/Bookrunners: British International Investment Corporation, Standard Bank
  • Legal Adviser to the Borrower: ENSafrica
  • Legal Adviser to the MLAs: Bowmans

Power Finance Deal of the Year

  • Ministry of Finance, Republic of Angola (Project Gleam)
  • EUR 1.29bn Dual-Tranche (EUR 1.2bn Euler Hermes-supported Secured Term Loan Facility and EUR 92m Commercial Term Loan Facility) Loan to support the Angola Rural Electrification Project providing for electrification of 60 sites in rural Angola
  • Issued: November 2022; Matures: November 2043 and November 2027
  • MLAs/Bookrunner and Green Coordinator: Standard Chartered
  • MLAs/Bookrunners: Afreximbank
  • ECA Lender: Euler Hermes
  • Legal Advisers to the Obligor: Norton Rose Fulbright
  • Legal Adviser to the MLAs: Baker McKenzie

Infrastructure Finance Deal of the Year

  • Ministry of Economy and Finance, Republic of Ivory Coast
  • EUR 1.09bn ECA-backed Facility to Fund Construction of Abidjan Subway Line 1
  • ECA: BPI France
  • Lead Arranger: Société Générale

ESG Loan Deal of the Year:

  • Harmony Gold
  • ZAR 10.4bn Multi-Tranche, Multi-Currency (ZAR 2,5bn RCF, USD 300m RCF, USD 100m Term Loan) Sustainability-Linked Syndicated Loan
  • Issued: May 2022; Matures: May 2025
  • Bookrunners/JLMs: Absa, Nedbank
  • Legal Adviser to the Borrower: Cliffe Dekker
  • Legal Adviser to the Issuer: Bowmans

Metals & Mining Deal of the Year

  • Pan African Resources

  • ZAR 800m Dual-Tranche 3-year and 5-year Senior 2nd ranking Secured Sustainability-Linked Bond

  • Issued: December 2022; Matures: December 2025 and December 2027
  • Sole Lead Arranger and Bookrunner: RMB
  • Legal Adviser to the Issuer: Bowmans

Structured Bond Deal of the Year

  • SA Home Loans
  • The Thekwini Fund 18 (RF) Ltd
  • ZAR 1.5bn Residential Mortgage-Backed Securitisation and ZAR 1.7bn Tap Issue
  • Issued: September 2022 and November 2022 (Tap); Matures: 1-Year, 3-Year (Call) and 5-Years (Call)
  • Bookrunners/JLMs: Standard Bank
  • Legal Adviser to the Issuer: Werkmans

Corporate Restructuring Deal of the Year

  • Blue Label Telecoms Ltd
  • ZAR 2.317bn Senior Secured Working Capital Facilities, Airtime Purchase and Preference Share Subscription as part of the recapitalisation of Cell C Limited
  • Agent, Arrangers and GBF Lenders (Working Capital Facility): Investec
  • Arrangers and GBF Lenders (Working Capital Facility): RMB
  • Arrangers (Working Capital Facility): Futuregrowth Asset Management
  • Agent and Arrangers (Airtime Transaction Facility): RMB
  • Arrangers (Airtime Transaction Facility): Investec
  • Legal Advisers to BLT: Werkmans
  • Legal Advisers to Cell C: ENSafrica
  • Legal Advisers to the Arrangers: White & Case

Local Currency Bank/FI Bond Deal of the Year

  • Liberty Group
  • ZAR 1.5bn Subordinated Tier 2 Capital Instrument
  • Issued: October 2022; Matures: October 2027
  • Lead Arrangers and Bookrunners: Standard Bank
  • Legal Advisers to Issuer: Webber Wentzel
  • JLM Legal Adviser: Werksmans Attorneys

Bank/FI Bond Deal of the Year

  • Access Bank
  • USD 50m RegS Senior Unsecured Step-Up Puttable Green Private Placement
  • Issued: May 2022; Matures: May 2027
  • Sole Arranger and ESG Structuring Agent: Standard Chartered Bank
  • Legal Adviser to the Issuer: White & Case
  • Legal Adviser to the Arranger: Banwo-Ighodalo

Bond House of the Year

Citi

Local Currency Bond House of the Year

Standard Bank

ESG Bond House of the Year

RMB

Loan House of the Year

Standard Chartered

Local Currency Loan House of the Year

Standard Bank

ESG Loan House of the Year

RMB

Sovereign, Supra & Agency Debt House of the Year

Afreximbank

Corporate Debt House of the Year

Standard Chartered

Financial Institutions Debt House of the Year

Mashreq

Project Finance Bank of the Year

Standard Bank

Structured Finance House of the Year

Société Générale

North Africa Investment Bank of the Year

National Bank of Egypt

Sub-Sahara Africa Investment Bank of the Year

Standard Bank

East Africa Investment Bank of the Year

Standard Bank

West Africa Investment Bank of the Year

Absa

Sovereign, Supra & Agency Treasury & Funding Team of the Year

Ministry of Finance, Republic of Angola

Project Sponsor of the Year

Nigerian National Petroleum Company Limited

Bank Treasury & Funding Team of the Year

Absa

Corporate Treasury & Funding Team of the Year

IHS Towers

Debt Capital Markets Legal Adviser of the Year

White & Case

Banking & Finance Legal Adviser of the Year

Baker McKenzie

AWARDS CATEGORIES:

Deal Awards: Bank Awards:
Agency Bond Deal of the Year Bond House of the Year
Bank/Financial Institutions Bond Deal of the Year ESG Bond House of the Year
Corporate Bond Deal of the Year Local Currency Bond House of the Year
Corporate Liability Management Deal of the Year ESG Loan House of the Year
Corporate Restructuring Deal of the Year Local Currency Loan House of the Year
ESG Bond Deal of the Year Loan House of the Year
ESG Loan Deal of the Year Project Finance Bank of the Year
Export Finance Deal of the Year Financial Institutions Debt House of the Year
Infrastructure Finance Deal of the Year Sovereign & Agency Debt House of the Year
Local Currency Bank/FI Bond Deal of the Year East Africa Investment Bank of the Year
Local Currency Corporate Bond Deal of the Year Structured Finance House of the Year
Local Currency Sovereign Bond Deal of the Year Sub-Sahara Africa Investment Bank of the Year
Local Currency Loan Deal of the Year West Africa Investment Bank of the Year
Metals & Mining Deal of the Year Corporate Debt House of the Year
Oil & Gas Deal of the Year North Africa Investment Bank of the Year
Power Finance Deal of the Year
Project Bond Deal of the Year
Project Loan Deal of the Year
Renewable Energy Finance Deal of the Year
Sovereign Bond Deal of the Year
Sovereign Liability Management Deal of the Year
Sovereign Restructuring Deal of the Year
Structured Bond Deal of the Year
Structured Loan Deal of the Year
Syndicated Loan Deal of the Year
Legal & Advisory Awards: Borrower Awards:
Banking & Finance Legal Adviser of the Year Bank Treasury & Funding Team of the Year
Debt Capital Markets Legal Adviser of the Year Corporate Treasury & Funding Team of the Year
Project Finance Adviser of the Year Project Sponsor of the Year
Sovereign Treasury & Funding Team of the Year

HIGHLIGHTS VIDEO FROM 2023:

2023 PHOTO GALLERY: