New African Development Bank social bond targets COVID-19 response
MarketScreener highlights Praxis Impact Bond Fund's involvement in landmark deal
MarketScreener and several other news outlets recently highlighted Praxis Impact Bond Fund’s investment in the African Development Bank’s Fight COVID-19 social bond: London Stock Exchange: African Development Bank celebrates milestone with first social bond listing on London Stock Exchange. The largest dollar denominated social bond ever launched in international capital markets to date and the Bank’s first bond to be listed on the London Stock Exchange, it was listed on the exchange’s Sustainable Bond Market (SBM) on Friday April 3, 2020.
The three-year maturity bond was launched to mitigate the social and economic impact of COVID-19 in Africa. The oversubscribed transaction attracted commitments of $4.6 billion and raised an exceptional $3 billion. It garnered interest from central banks and other official institutions, bank treasuries and asset managers, including Praxis Mutual Funds®.
As a values-driven, ESG fund, Praxis Impact Bond Fund was fortunate to receive a full allocation to the bond offering. Said Portfolio Manager Benjamin Bailey, CFA®, “This a perfect bond for our Praxis Impact Bond Fund, where we regularly invest in green and social bonds and have purchased multiple African Development Bank bonds. We look for positive impact stories just like this.”