News

Standard Bank Group in award-winning bond deal
4 May 2011

The PTA Bank debut $300-million Eurobond has been awarded Bond Deal of the Year in Africa by The Banker magazine. This was the only corporate Eurobond from sub-Saharan Africa in 2010 and the first since 2007. 

Standard Bank Group (SBG) acted as joint bookrunner together with HSBC on East Africa's first ever Eurobond in November last year, a $300-million five-year deal from Kenya's PTA Bank. 

PTA Bank is the development bank for the Common Market for Eastern and Southern Africa and is also known as The Eastern and Southern African Trade and Development Bank. 

This transaction is the inaugural issue under PTA Bank's new US$1-billion EMTN programme and the proceeds will be used to support new trade and project finance lending in Eastern and Southern Africa. 

The Banker was established is 1926 and is now published by FT Business. It provides global financial intelligence to the international banking and finance community covering all aspects of the international capital markets. It is read by senior bankers, corporate treasurers and financial directors and has a circulation of over 28 000 readers. 

Florian von Hartig, Standard Bank Group's Global Head of Debt Capital Markets, said: "This is a landmark transaction for sub-Saharan Africa which will have important benefits throughout the region for future sovereign and corporate issuers." 

Execution of the transaction was well planned and seamless. "PTA Bank prepared themselves for their debut Eurobond by conducting a non-deal roadshow in the summer of 2009," says John Ngumi, Standard Bank's Head of Investment Banking Coverage in East Africa. Mr Ngumi continued, "The roadshow was aimed at developing initial investor contacts as PTA contemplated the offshore funding market and become less reliant on development finance institutions' lines of credit." 

Mr Florian von Hartig adds: "Standard Bank has been building its DCM credentials and has worked on the previous two sovereign deals out of sub-Saharan Africa, as a joint bookrunner on South Africa's $2bn 10-year issue last year and as a last-minute joint lead manager on Senegal's $200m five year issue in December 2009. 

"It is pleasing to note that the PTA Bank Eurobond has received this independent accolade from The Banker magazine."

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