The Banker has named Eskom Finance Company’s Nqaba Finance 1 (RF) Limited (Nqaba) securitisation deal the winner of this year’s African Deal of the Year Award for Best Securitisation and Structured Finance Deal in Africa. The Corporate and Investment Banking division of Absa Bank Ltd (Absa), member of Barclays, has assisted Eskom Finance Company SOC Limited (EFC) with raising debt capital market funding through the Nqaba securitisation every year since the inception of the transaction in 2006.
The Nqaba securitisation represents a funding platform that uses existing residential mortgage loans advanced by it to employees of EFC to raise funding in the capital markets. The capital market funding allows EFC to continue providing home loans to existing and new Eskom employees without having to wait for home loans to be repaid or requiring additional financing directly from Eskom. In this way, all Eskom employees are able, subject to EFC’s relevant credit criteria, to purchase homes.
Over the last eight years, EFC’s Nqaba transaction has garnered strong investor support due to solid structuring and an underlying home loan book that has performed consistently well over the years.
“Through structuring a market and company appropriate transaction, we have been honoured to be a part of helping Eskom employees have access to cost-effective home loan financing,” said Prasanna Nana, Head of Africa Debt Capital Markets at the Corporate and Investment Banking division of Absa.
The Banker award provides recognition of EFC’s sustainable and well structured approach to raising capital in the debt capital markets.
About Corporate and Investment Banking at Barclays Africa:
Corporate and Investment Banking, a division of Absa Bank Limited (Absa), member of Barclays, is a leading corporate and investment bank with global reach, offering clients financing, risk management and advisory solutions in a wide range of currencies and structures across the globe.
About The Banker
The Banker has been providing global financial intelligence since 1926 and has built a reputation for objective and incisive reporting on major events. Every month the magazine combines in-depth regional and country coverage with reports on capital markets and structured finance, risk management, working capital management and securities services, environmental finance, trade and project finance, trading, technology and management and governance issues.
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