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ADB issues first gender bond in Kazakhstan tenge

ADB issues first gender bond in Kazakhstan tenge
February 13
15:28 2021

Manila [The Philippines], February 13: The Asian Development Bank (ADB) has raised 8.4 billion Kazakhstan tenge (about 20 million US dollars) from the first gender bond issued in Kazakhstan.

It said proceeds of the bond will help finance the KZT38 billion Promoting Gender Equality in Housing Finance Project which aims to expand lending operations of the Housing and Construction Savings Bank of Kazakhstan (Otbasy Bank).

The initiative will in turn promote affordable residential mortgage loans for women borrowers in largely rural areas. The ADB loan is the first external borrowing of Otbasy Bank and is guaranteed by the Ministry of Finance of Kazakhstan.

The bond pays a 10.15 per cent semi-annual coupon and features a 10-year bullet maturity redeeming in December 2030. The bond sets a new benchmark as the longest-maturity local currency bond issued by any multilateral development bank in Kazakhstan.

Auctioned and listed on the Kazakhstan Stock Exchange, the offering was over-subscribed and sold to domestic institutional investors. The bond issue was arranged by Tengri Partners.

ADB is also preparing to issue another tenge bond to finance the CAREC Corridors 1 and 6 Connector Road Reconstruction Project.

“ADB is gratified to contribute to the development of Kazakhstan’s thriving capital markets,” said ADB Treasurer Pierre Van Peteghem.

“This inaugural tenge-denominated gender bond follows soon after our first green bonds last November and underlines the catalytic nature of ADB’s borrowing programme in Asian local currencies,” he said in a statement.

ADB has issued more than 3.2 billion US dollars in thematic bonds to support education, gender, health, and water projects as investors allocate more funds to environment, social, and governance (ESG) goals.

ADB is a regular borrower in the mainstream international bond markets but has also led issuances in developing Asian countries as part of its efforts to promote local currency bond markets as an alternative to bank lending.

ADB is committed to achieving a prosperous, inclusive, resilient and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members — 49 from the region.

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