Jhe Bank of Industry (BOI) received the award for ‘International Syndicated Loan Deal of the Year’ at the Bonds & Loans Africa Awards ceremony, held yesterday in Mount Nelson, Cape Town.
BOI received this award in recognition of its $1 billion syndicated term loan facility successfully raised in the international market in December 2020.
“This recognition highlights our impact as Nigeria’s leading development finance institution committed to maximizing our development impact by raising and deploying the funds that enhance our ability to support our clients,” said Mr Olukayode Pitan. , Managing Director/General Manager of Bank of Industry, upon receipt of the award. “We look forward to intensifying our efforts to catalyze sustainable economic growth for Nigeria and the continent as a whole.”
The comprehensive selection process for rewards involves careful consideration of deal size, duration, structure and distribution; analysis and history of the borrower and its accessibility to financing; with additional credit for transactions that demonstrate high quality execution, access to new pools of liquidity, innovative structuring and opening of new markets. The Bonds & Loans Africa Awards 2021 have been postponed due to disruptions caused by COVID-19, as such the ceremony featured winners selected on performance in 2020 and 2021.
Mr. Pitan acknowledged the important role that a myriad of strategic partners played in bringing about this agreement despite the challenges posed by the COVID-19 pandemic: “We are particularly grateful for the support of our main arrangers, underwriters and makers books; Afreximbank, Credit Suisse AG, Rand Merchant Bank and Sumitomo Mitsui Banking Corporation; and the Central Bank of Nigeria, which provided a 100% cross-currency swap that allowed us to mitigate exchange rate risks.
This award follows the BOI’s successful issuance of a €750 million senior Eurobond (the first by an African national DFI) in February 2022. Over the past four years, the Bank of industry has raised approximately $3.8 billion on the international financial market: This includes another syndicated loan of €1 billion in March 2020; and a syndicated medium-term loan of $750 million in 2018, which was fully repaid.
The Bonds & Loans Africa Awards have recognized the most innovative and innovative deals from sovereign, corporate and financial institution issuers and borrowers since 2014. The annual event brings together the most prominent figures in the industry, raising the profile African finance markets with the international investor community.