On September 5, 2024, New Development Bank (NDB) came to the South African bond market with a successful 3- and 5- year issuance.
The book was well supported with over ZAR 2.0 bn in bids across both tenors. Both the 3-year and the 5-year tranches priced at the tight end of guidance, with the 5-year note pricing 5bps tighter than the previous auction. The orderbook was well diversified with bids being allocated to both institutional investors and the local banks.
Maturity
10 September 2027
Amount
ZAR 500 mn
Coupon
3 month JIBAR + 90 bps
Settlement Date
10 September 2024
Issuer Rating
AA+ (S&P) / AA (Fitch)
Currency
ZAR
Listing
Johannesburg Stock Exchange
Interest Rate Profile
Floating rate
Pricing Benchmark
3M JIBAR
Tenor
3 years
Pricing Spread
90 bps
Trade/Auction Date
December 5, 2023
Arrangers / Dealers
Rand Merchant Bank, Standard Bank of South Africa Limited