Bank of Namibia, USD500 Million, Hedge Provider

Aug 01, 2016

The Republic of Namibia, acting through the Bank of Namibia, issued Eurobonds worth USD1.25 billion that will mature in 2021 and 2025. The Bank of Namibia is the central bank in Namibia and is responsible for the control of the money supply, the currency, the institutions of finance and to act as adviser to the Government on key projects. The Bank of Namibia acted as both the adviser and execution agent for Republic of Namibia (Government) with regards to the issuance and hedging of the Eurobonds.

Standard Bank’s hedging strategy eliminated all foreign currency risk for the Bank of Namibia over the term of the Eurobond. The cross currency swap provided a single exchange rate that could be used for budgeting and planning purposes. Standard Bank’s client engagement model resulted in collaboration between the Debt Primary Markets team and Client Solutions which provided the client with a holistic and seamless solution for raising funding and hedging the associated currency risks.

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