Published: July 17, 2013
South African lender raises ZAR600mn in seven-year paper just weeks after securing ZAR1bn in three-year deal.
African Bank has issued a ZAR600mn (US$60mn), seven-year bond.
The deal comes as part of the South African bank’s ZAR25bn domestic medium term note programme and follows a ZAR1bn three-year bond issued in June. African Bank has issued more than 30 bonds under the programme in the past 12 years, as well as raising money from the Swiss bond market across two deals last year and tapping the dollar market.
The latest bond is a senior unsecured inflation-linked issuance, with an annual coupon of the South African consumer inflation rate plus 5.75%.