{"id":128171,"date":"2015-06-25T12:34:56","date_gmt":"2015-06-25T12:34:56","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=128171"},"modified":"2015-06-25T12:34:56","modified_gmt":"2015-06-25T12:34:56","slug":"afb-to-list-ghs-30-million-bond-with-bbb-rating","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=128171","title":{"rendered":"afb to list GHS 30 million bond with \u2018BBB\u2019 rating"},"content":{"rendered":"<p>Financial services company afb is all set to issue its first tranche of listed bonds to raise GHS 30 million over the next few weeks.<\/p>\n<p>afb Ghana has received regulatory approval to list bonds up to GHS 100 million on the Ghana Stock Exchange.<\/p>\n<p>[contextly_sidebar id=&#8221;zISsTGZqVg8ydmbVcYxfOlNz6BQGiB5c&#8221;]The issue has already received long term rating of \u2018BBB\u2019 from GCR (Global Credit Rating) company.<\/p>\n<p>The BBB credit rating makes it an \u2018investment grade\u2019 bond.<\/p>\n<p>afb started its operations in Ghana in 2010 and since then has invested over 20 million USD of capital into the Ghana market.<\/p>\n<p>The company\u00a0has over 198 full time staff and over 500 sales agents with over 60,000 customers.<\/p>\n<p>The company aims to help drive a better and brighter future for all Ghanaians and has a robust loans product portfolio that covers Payroll loans, afb Direct loans and Smart Cash loans.<\/p>\n<p>Arnold Parker, Managing Director, afb Ghana said on the impending listing: \u201cBy doing this, we broaden the universe of investors who can support the growth of afb in Ghana.<\/p>\n<p><a href=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2015\/06\/00b4028e63bf0a500566ac0420f2b5b8_400x400.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-128173\" src=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2015\/06\/00b4028e63bf0a500566ac0420f2b5b8_400x400.png\" alt=\"00b4028e63bf0a500566ac0420f2b5b8_400x400\" width=\"400\" height=\"400\" srcset=\"https:\/\/citifmonline.com\/wp-content\/uploads\/2015\/06\/00b4028e63bf0a500566ac0420f2b5b8_400x400.png 400w, https:\/\/citifmonline.com\/wp-content\/uploads\/2015\/06\/00b4028e63bf0a500566ac0420f2b5b8_400x400-150x150.png 150w, https:\/\/citifmonline.com\/wp-content\/uploads\/2015\/06\/00b4028e63bf0a500566ac0420f2b5b8_400x400-300x300.png 300w, https:\/\/citifmonline.com\/wp-content\/uploads\/2015\/06\/00b4028e63bf0a500566ac0420f2b5b8_400x400-70x70.png 70w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><\/p>\n<p>A listed funding platform allows afb to continue to fund the development of the company from the local stock exchange.\u201d<\/p>\n<p>Bruce Sneddon, Chief Financial Officer, afb Group stated that, \u201cafb will predominantly use the first tranche of the bond proceeds to pay off USD debt owed to offshore counterparties.\u00a0This debt is very expensive, especially given the weakening of the GHS vs the USD over the past two years and the balance will be used to continue expanding the loan portfolio.\u201d<\/p>\n<p>Arnold further added, \u201cafb Ghana has been growing steadily in the market and today we have 23 branches catering to over 60,000 customers.<\/p>\n<p>This raising of funds will set the company up for the next phase of advancement. It will help streamline activities to enhance service delivery, fund working capital and also expand into new loan products which will provide wider choices to all Ghanaians to make their lives better.\u201d<\/p>\n<p>Commenting on the \u2018BBB\u2019 rating accorded by GCR (Global Credit Rating) Company to afb\u2019s GHS 30 million bond issue, Bruce said, \u201cWe are the first company in Ghana to have a rated listing and this also shows confidence in afb\u2019s vision and strategy for the Ghanaian market.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>source: afb<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial services company afb is all set to issue its first tranche of listed bonds to raise GHS 30 million over the next few weeks. afb Ghana has received regulatory approval to list bonds up to GHS 100 million on the Ghana Stock Exchange. [contextly_sidebar id=&#8221;zISsTGZqVg8ydmbVcYxfOlNz6BQGiB5c&#8221;]The issue has already received long term rating of \u2018BBB\u2019 [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":128176,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[19],"tags":[4],"class_list":["post-128171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-health","tag-st-augustines-college"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/128171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128171"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/128171\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/media\/128176"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}