The Brics Bank wants to become a multibillion-rand player in the South African bond market now that it has received a top-end credit rating and approval to issue bonds in the local market, by JustinBrownSA
The Brics Bank wants to become a multibillion-rand player in the South African bond market now that it has received a top-end credit rating and approval to issue bonds in the local market.
"The reason why local currency is preferred in many instances is because the revenue from projects like a toll road or a power station is typically in local currency.” The NDB is likely to issue rand-denominated bonds in 12 to 16 weeks, which means that the bond issue is likely to take place in the first part of the second half of 2019.Maasdorp said that the bank had applied to the JSE for an inward listing of its rand-denominated bonds. “We have applied for a R10 billion programme and received approval to proceed.”
An AA+ rating is one notch below AAA, which is the highest credit rating that S&P and Fitch can assign. S&P added that it would upgrade its assessment of the NDB’s credit rating if the bank substantially increased the geographical scope of its operations through the increase of its shareholders “with more than token stakes”.
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