Bayport issues pioneering microfinance Social Bond

Microfinance Africa Lome Togo sewing training from Adobe 230x150
By Owen Sanderson
30 May 2019

Bayport, the Mauritius-based microfinance company, issued the first African ESG bond outside the supranational sector, printing a $260m three year at 11.5% on Wednesday, and obtaining a social bond second opinion from Sustainalytics, at the suggestion of arranger DNB Markets.

The firm’s microfinance focus meant it altered little about its business model to gain the certification — but nor did it see much of a ‘greenium’, pricing at the wide end of talk.

The new issue was marketed last week through global co-ordinator DNB Markets, with the roadshow finishing ...

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