DBN successfully redeems fixed-rated bonds

By Andre Tino

THE Development Bank of Namibia (DBN) has announced the successful full redemption of the DBN23 bond, the last of three amortising fixed-rated bonds issued by the Bank in 2018.

DBN20A1, the first of the three bonds, was issued in February 2018, raising N$140 million; DBN20 B in March 2018, raising N$70 million; and DBN23 in December 2018, raising N$290 million.

According to the Bank, DBN20A1 was repaid in February 2023, DBN20B was repaid in March 2023, and DBN23 was repaid in August 2023.

The proceeds of the three bonds were utilised for lending to several developmental projects funded by DBN.

DBN Chief Executive Officer (CEO) John Steytler said their sound governance is perfectly illustrated when bonds are successfully repaid.

“It’ is always a significant milestone when bonds are successfully repaid. This inspires confidence in investors as a positive reflection of the financial health and good management of DBN,” he said.

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