On September 10, the New Development Bank (NDB) successfully issued three-year and five-year notes totaling one billion rand in the South African bond market.
The issuance was met with strong demand, attracting bids exceeding two billion across both tenors. The three-year and five-year notes were priced at the tighter end of guidance, with the five-year note coming in five basis points tighter than the previous auction. The order book was well-diversified, with allocations made to institutional investors and local banks.
Monale Ratsoma, NDB Vice-President and Chief Financial Officer, said: “Local currency financing is a core component of NDB’s offerings. We have a strong pipeline of rand-denominated loans for infrastructure and sustainable development projects. Our rand programme will be key in funding NDB’s commitments in South Africa, and we aim to establish ourselves as a regular issuer in the local capital market.”
