August 18, 2023
1 min read

BRICS bank bond auction raises $94 mn

This first ZAR bond in the South African bond market made NDB the highest-rated issuer to issue in the South African market since 2015…reports Asian Lite News

The first-ever South African bond auction by the New Development Bank (NDB), a financial institution created by the BRICS bloc of emerging markets, raised 1.5 billion rand ($94 million) after its launch two days ago.

In a statement, the Shanghai-based bank said it had received more than 2.5 billion rand of bids for the three- and five-year bonds, enabling it to increase the size of the deal.

It allocated 71% to institutional investors and the rest to local banks.

“NDB is seeking to increase its presence in the local capital markets of its member countries, to fund its robust portfolio of local currency loans,” said Leslie Maasdorp, NDB’s chief financial officer.

“The proceeds will be used to fund infrastructure and sustainable development projects in South Africa,” he added.

The sale was arranged by leading South African banks Standard Bank Group and Absa Group.

This first ZAR bond in the South African bond market made NDB the highest-rated issuer to issue in the South African market since 2015.

The New Development Bank was established with the purpose of mobilising resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development.

In 2021, NDB initiated membership expansion and admitted Bangladesh, Egypt, United Arab Emirates and Uruguay as its new member countries.

ALSO READ-BRICS: India to push for true multipolar world order

Previous Story

India seeks criteria, standards for BRICS membership

Next Story

At G20 meet, UK announces £210 mn to tackle antimicrobial resistance

Latest from -Top News

Taliban Makes It Official

As Afghanistan nears the fourth anniversary of the Taliban takeover, Akhundzada, ruling largely from Kandahar, ordered ministers to drop the “caretaker” tag….reports Asian Lite News The Taliban’s reclusive supreme leader, Mullah Hibatullah

India’s Space Hero Back

Shukla was part of the Axiom-4 private space mission, which lifted off from Florida on June 25 and docked at the ISS on June 26…reports Asian Lite News Indian astronaut Shubhanshu Shukla

No deal but ‘progress made’, says Trump

President Putin praised Trump’s efforts to facilitate dialogue and reaffirming that Ukraine’s security must be guaranteed. US President Donald Trump and Russian President Vladimir Putin concluded a landmark summit in Anchorage, Alaska,

UAE celebrates India@79

Indian expats in Abu Dhabi and Dubai marked India’s 79th Independence Day with flag-hoisting, cultural performances, and heartfelt tributes, celebrating decades of deep UAE–India friendship….reports Asian Lite News The colours of saffron,

India and America are a strange couple

No Indian leader has ever been so fond of an American President as Modi has been of Trump, writes Mihir Bose India and America have always had a curious love affair. They
Go toTop

Don't Miss

Reform IMF, WB with BRICS Involvement, UN Chief Bats for Global South

Guterres emphasised BRICS’ vital role for developing nations but warns

How BRICS is Shaping a Bold New Global Narrative

Subrahmanyam Jaishankar recalled that BRICS was created when the world