2023-08-20 08:28:00
(Ecofin Agency) – The funds raised through the issue arranged by Standard Bank Group and Absa Group will be used to finance infrastructure and sustainable development projects in South Africa.
The New Development Bank (NDB), a development bank founded by member countries of the BRICS group (Brazil, Russia, India, China and South Africa), announced in a press release that it had raised 1.5 billion rand ( approximately USD 79 million) in its first bond issue on the South African market.
NDB has successfully issued its debut Rand bond, becoming the highest rated issuer to issue in the South African bond market since 2015. The ZAR 1.5 billion bond will be used to fund infrastructure and sustainable development projects in ??.
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— New Development Bank (@NDB_int) August 16, 2023
The order book for bonds with a maturity of 3 and 5 years reached more than 2.5 billion rand, which prompted the bank to increase the initial size of the issue. 71% of the bonds were acquired by institutional investors and 29% by local banks.
« The New Development Bank seeks to increase its presence in the financial markets of its member countries, in order to finance its strong portfolio of loans in local currencies “Said Leslie Maasdorp, chief financial officer of the bank, quoted in the press release.
According to him, the funds raised through the bond issue will be used to finance infrastructure and sustainable development projects in South Africa. The deal was arranged by South African banks Standard Bank Group and Absa Group.
Read also:
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04/24/2021 – The BRICS bank raises $1.5 billion on the international capital market
22/06/2020 – South Africa secures $1 billion from BRICS development bank
17/09/2019 – South Africa: the BRICS bank releases 7 billion rand for the improvement of the road network
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