Brics’ bank launches rand bond
New Development Bank offers $130.6 million debt issue ahead of Johannesburg summit
The China-based lender knowns as the ‘Brics bank’ launched a bond issue denominated in South African rand on August 15.
The New Development Bank (NDB) reported it received more than 2.5 billion rand ($130.6 million) in bids for its initial offer of 1 billion rand in bonds. The NDB said high demand meant it increased its issue to 1.5 billion rand. Two-thirds of the bonds will mature in five years and the remaining 500 million rand in three years.
NDB chief financial officer Leslie Maasdorp said
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