Record PLC Record invests in ADB's Kazakhstan Gender Bonds
27 Abril 2023 - 1:00AM
RNS Non-Regulatory
TIDMREC
Record PLC
27 April 2023
April 27, 2023
Record PLC
Record invests in ADB's Kazakhstan Tenge Gender Bonds
Record PLC (LSE:REC), the global currency and asset manager,
announces that its Emerging Market Sustainable Finance Fund is the
sole investor in the latest offshore transaction of local currency
gender bonds issued by the Asian Development Bank ("ADB"). ADB has
raised Kazakhstan tenge (KZT) 2.3 billion (about USD 5 million)
from a new issue of offshore tenge-denominated bonds, providing
funds for ADB's own local currency lending in the country as part
of its ongoing "Promoting Gender Equality in Housing Finance"
project. The project aims to expand the lending operations of
Housing Construction Savings Bank of Kazakhstan to provide
affordable residential mortgage loans to female borrowers in
primarily rural areas of Kazakhstan. The transaction is structured
as a fixed rate bond paying a semi-annual coupon of 10.5%, with use
of proceeds defined under ADB's "gender bond" issuance theme for
sustainable development, maturing in December 2030 with listing in
Luxembourg and arranged by HSBC Bank plc.
ADB is committed to achieving a prosperous, inclusive,
resilient, and sustainable Asia and the Pacific, while sustaining
its efforts to eradicate extreme poverty. Kazakhstan became a
member of ADB in 1994, shortly after it achieved independence.
Since then, ADB has aided Kazakhstan with sovereign and
non-sovereign financing and technical assistance. ADB is a regular
bond issuer in Kazakhstan tenge, applied to fund projects on a
back-to-back basis.
The Record Emerging Market Sustainable Finance Fund is an
Article 8 fund under Regulation (EU) 2019/2088 that aims to support
the development of local currency markets in low and middle-income
economies together with improved access to long-term local currency
lending. This unique investment strategy represents a significant
innovation in currency markets and a commitment to the development
of new sustainable investment products for private investors
globally, which Record expects to have broad and growing appeal for
years to come.
Dr Dmitri Tikhonov, CIO, Record, said, "We are delighted to
partner with ADB to support their local currency lending programme
in Kazakhstan that delivers affordable residential mortgage loans
to female professionals in rural areas of the country. This
transaction fulfils our ambitions to invest in sustainable local
currency instruments that deliver transparent and measurable impact
without the hard currency burden on local communities. We
congratulate ADB on this initiative and look forward to a
long-lasting partnership on currency solutions that promote greater
inclusion and long-term sustainable growth."
"ADB's local currency operations continue to grow in Kazakhstan,
not only in terms of volume but also in terms of sophistication,"
said ADB Treasurer Pierre Van Peteghem. "Although we have become
increasingly active in the Kazakhstan domestic bond market, this is
our first international KZT-linked bond since 2007. We are grateful
to Record Emerging Market Sustainable Finance Fund for their
impactful support."
For further information, please contact:
Record plc Tel: +44 (0) 1753 852 222
Leslie Hill, Chief Executive Officer
Steve Cullen, Chief Finance Officer
Buchanan Tel: +44 (0) 20 7466 5163
Simon Compton record@buchanan.uk.com
Henry Wilson
George Beale
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END
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