2023 ZAR Bond (NDBB03)

On December 5, 2023, New Development Bank (NDB) returned to the South African bond market with a second successful ZAR bond issuance in the year.

The book was well supported with over ZAR 1.6 bln in bids across both the 3- and 5-year tranches enabling NDB to exercise its option to upsize the trade from ZAR 1 bln to ZAR 1.3 bln. The 3-year tranche priced at the tight end of guidance, 5bps tighter than the last auction. The 5-year tranche cleared at the midpoint of guidance with 97% of bids being within or lower than price guidance. The orderbook was well diversified with bids being allocated equally to institutional investors and the local banks.

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