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The Programme with the maximum size of ZAR 10 billion and unlimited validity is listed on Johannesburg Stock Exchange (JSE) and governed by the laws of South Africa. Bonds issued under the Programme will constitute unsecured obligations of NDB, ranking equally with all of the Bank’s other unsecured and unsubordinated obligations. Standard Bank of South Africa acts as a lead-arranger for the Programme and Absa Bank is a co-arranger.

Amount ZAR 10bn
Coupon Fixed or Floating Rate
Validity of the Programme Unlimited
Instrument Senior Unsecured
Listing Johannesburg Stock Exchange (JSE)
Governing Law Laws of South Africa
Lead-Arranger Standard Bank of South Africa
Co-Arranger Absa Bank
Dealers Absa Bank, Nedbank, FirstRand Bank, Standard Bank of South Africa
JSE Debt Sponsor Standard Bank of South Africa

2023 ZAR Bond Programme Memorandum

Information Statement

In December 2019, NDB registered its inaugural USD 50 billion Euro Medium Term Note Programme (EMTN Programme) in the international capital markets. The Programme has been rated “AA+” by Fitch and has been assigned “AA+” long-term and “A-1+” short-term issue ratings by S&P. The notes issued under the EMTN Programme will constitute the direct, unconditional obligations of NDB ranking pari passu among themselves and at least pari passu with all other present and future obligations of the Bank.

Tenor No restriction
Interest Rate Fixed or Floating
Use of proceeds General corporate purposes. The Notes may be referred to as “Green Bonds”, “Social Bonds” or “Sustainability Bonds”
Listing London Stock Exchange

Investor Presentation (February 2023)

Base Prospectus

Base Offering Memorandum

Agency Agreement

Deed of Covenant

Global Note Certificate

Permanent Global Note

Temporary Global Note

Base Offering Memorandum Supplement (February 2023)

Base Offering Memorandum Supplement (July 2023)

On October 28, 2020, the NDB has successfully registered its second RMB Bond Programme in the China Interbank Bond Market. The NDB has been granted approval to raise up to RMB 20 billion in the China Interbank Bond Market within 2 years of the Programme registration date. The proceeds of the Programme will be used to finance infrastructure and sustainable development projects in the Bank’s member countries.

Bond offerings under the Programme will be eligible to institutional investors in the China Interbank Bond Market as well as offshore RMB investors through the Bond Connect scheme between Mainland China and Hong Kong.

Agricultural Bank of China, Bank of China, Bank of Communications, CITIC Securities, China Construction Bank, China International Capital Corporation, Credit Agricole Corporate and Investment Bank (China), DBS Bank (China), Deutsche Bank (China), HSBC Bank (China), Industrial and Commercial Bank of China and Standard Chartered Bank (China) have been appointed as the joint lead underwriters of the Programme.

New Development Bank 2020 Renminbi Bond (Series 2) (Bond Connect) Prospectus (EN)

New Development Bank 2020 Renminbi Bond (Series 2) (Bond Connect) Prospectus (CN)

New Development Bank 2020 Renminbi Bond(Series 1) (Coronavirus Combating Bond)(BondConnect) Prospectus (EN)

New Development Bank 2020 Renminbi Bond(Series 1) (Coronavirus Combating Bond)(BondConnect) Prospectus (CN)

In April 2019, NDB established its debut ECP Programme for liquidity management purposes. The Programme with the maximum size of USD 8 billion is established under the Regulation S of the United States Securities Act of 1933, as amended. Commercial papers issued under the Programme will be governed by English law and will constitute direct, unsecured obligations of the NDB, ranking equally with all of the Bank’s other unsecured and unsubordinated obligations. The ECP Programme is rated “A-1+” by S&P Global Ratings and “F1+” by Fitch Ratings.

Amount USD 8bn
CP Rating A-1+ and F1+ (S&P and Fitch)
Format Regulation S of the United States Securities Act of 1933, as amended
Governing Law English law
Arranger Citigroup
Dealers Citigroup, Barclays, Goldman Sachs, JPMorgan, BRED Banque Populaire
Issue and Paying Agent Citibank
Form of the Notes Global Notes
Clearing Euroclear and Clearstream

On November 22, 2019, NDB registered its debut RUB bond Programme in Russia. The Programme was assigned the following identification number: 4-00005-L-001P-02E dated 22.11.2019. The Programme with the maximum size of RUB 100 billion and unlimited validity is listed on Moscow Exchange (MOEX) and governed by the laws of the Russian Federation. Bonds issued under the Programme will constitute unsecured obligations of NDB, ranking equally with all of the Bank’s other unsecured and unsubordinated obligations. Under the Programme, the Bank can issue bonds with the maturity of up to 20 years.

Information shall be disclosed on the website of LLC “Interfax-CRKI”:
https://www.e-disclosure.ru/portal/company.aspx?id=38028

Amount RUB 100bn
Coupon Fixed or Floating Rate
Validity of the Programme Unlimited
Tenor of the bonds Up to 20 years
Issuer Rating AA+ (S&P and Fitch) | AAA (JCR and ACRA) | AAA(RU) (ACRA)
Instrument Senior Unsecured
Listing Moscow Exchange (MOEX)
Governing Law Laws of the Russian Federation

New Development Bank RUB Bond Prospectus (RU)

New Development Bank RUB Bond Programme (RU)

On January 9, 2019, the NDB has successfully registered a CNY 10 billion Bond Programme. The NDB has been granted approval to raise up to CNY 10 billion in the China Interbank Bond Market within 2 years of the Programme registration date.It is the first CNY Bond Programme established according to the Interim Measures for the Administration of Bond Issuance by Overseas Institutions in the National Interbank Bond Market under the announcement of the People’s Bank of China and Ministry of Finance [2018] No.16 issued on September 25, 2018.

New Development Bank 2019 Renminbi Bond (Series 1) (Bond Connect) Prospectus (EN)

New Development Bank 2019 Renminbi Bond (Series 1) (Bond Connect) Prospectus (CN)

Environmental and Social Governance

Sustainable Financing Policy Framework Governing the Issuances of Green/social/sustainability Debt Instruments
25 May 2020
Second-Party Opinion: Overview of the New Development Bank Sustainable Financing Policy Framework
16 Feb 2023

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